Extensive economic data coverage shows that the US economy slowed down in the first half of this year due to the Federal Reserve's policy of maintaining high borrowing costs over a longer period of time and stubborn inflation. Official US data shows that personal consumption increased by 1.5% in the first quarter. Another set of data released on Thursday showed a decline in orders and shipments of specific corporate equipment, a trade deficit reaching a two-year high, a weaker job market, and a slide in home buying activity. "After achieving above-trend growth in the second half of 2023, the economy is running slowly in the first half of 2024," said Bill Adams, chief economist at Comerica, in a report. "Real GDP cooled in the first quarter, retail sales and real estate activities remained weak in the second quarter." These data highlights that the Fed's policy of maintaining interest rates at a 20-year high is suppressing demand by raising borrowing costs for consumer goods, home buying, and corporate equipment. Officials hope that slowing economic activity will further curb inflation.