The American economy bested estimates in the second quarter, coming in with a 2.4% year-over-year growth, fending off fears that a recession is brewing even as the Fed raised interest rates, Bloomberg reports. For the fourth straight quarter, the economy had growth of 2.0% or greater, with job creation holding steady and consumer spending strong. In a sign that the Fed’s interest rate manipulations are fine-tuning the economy, the housing market has cooled, but spending on other large ticket items such as vehicles has increased.