The Globe and Mail reports in its Friday edition that the U.S. economy maintained a fairly solid pace of growth in the second quarter. A Reuters dispatch to The Globe reports that inflation was also elevated, with tight labour market conditions continuing to prevail, reports showed on Thursday. Some economists believe the economy's resilience combined with high inflation could prompt the Federal Reserve to raise interest rates again in November. Others, however, expect the darkening cloud over the economy to discourage the Fed from tightening monetary policy further. Independent Advisor Alliance says stagflation has been avoided for now. Gross domestic product increased at an unrevised 2.1-per-cent annualized rate last quarter, the government said in its third estimate of GDP for the April-June period. That matched economists' expectations. Americans still have more savings accumulated during the COVID-19 pandemic than previously thought and corporate profits were also revised up. JPMorgan economist Daniel Silver says, "Overall it now looks like there is more 'excess saving' currently left over for consumers than we had seen before the latest revisions, which is a favourable sign for the economy."