US Economy Expands at Revised 3% Rate on Resilient Consumer
- 2Q GDP growth revised up from prior estimate of 2.8%
- Stronger consumer spending more than offset other categories
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The US economy grew at a slightly stronger pace in the second quarter than initially reported, reflecting an upward revision to consumer spending that more than offset weaker activity in other categories.
Gross domestic product rose at a 3% annualized rate during the April-June period, up from the previous estimate of 2.8%, according to Bureau of Economic Analysis figures published Thursday. The economy’s main growth engine — personal spending — advanced 2.9%, versus the prior estimate of 2.3%.