US economy grew a solid 2.2% in the second quarter, government says, upgrading previous estimate
- The Commerce Department reported Wednesday that the U.S. economy grew at a solid 2.2% pace from April through June, upgrading its previous estimate of 1.5%.
- Consumer spending, representing about 70% of economic activity, increased at a healthy 3.8% annual pace, up from 0.7% in the January-March period, driving the expansion.
- Business investment, excluding housing, rose at a 9% clip reflecting the artificial intelligence investment boom; Imports rose at a 12.6% annual pace, slashing nearly 1.7 percentage points off growth.
- Investment in housing rose 2.8%, ticking up for the first time since the end of 2024, while underlying economic strength grew at a strong 4.6% rate.
- The economy has proven surprisingly resilient despite fighting with Iran and energy price spikes; the Commerce Department will release the first look at third-quarter growth on Oct. 29.
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U.S. economic growth in the second quarter has been significantly re-evaluated on Wednesday, with an annualized 2.2% trend, compared to 1.5% previously reported, announced on Wednesday the BEA government statistical service.
US economy grew 2.2% this spring, more than initially estimated
By Elisabeth Buchwald, CNN (CNN) — Despite skyrocketing gas prices, the US economy was remarkably resilient this spring.Gross domestic product grew at a 2.2% inflation-adjusted annualized pace in the second quarter, a sharper rebound than the 1.5% rate previously estimated as stronger consumer spending and business investment helped power growth.Economists were expecting the prior reading
The U.S. gross domestic product (GDP) grew at an annualized rate of 2.2 percent in the second quarter, the U.S. Commerce Department said Wednesday, upping its previous estimate of 1.5 percent.
Associated Press News
US economy grew a solid 2.2% in the second quarter, government says, upgrading previous estimate
The U.S. economy grew at a solid 2.2% pace from April through June as consumer spending and business investment came in strong.
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