US economy grew at a faster pace in Q2 following Commerce Department revision

The U.S. economy grew at a faster rate than previously thought in the second quarter after the Commerce Department released its first revision of real gross domestic product (GDP) growth for the latest quarter.The Bureau of Economic Analysis (BEA) released its second estimate of Q2 GDP, which showed the economy grew at a 3.3% rate. That figure was faster than the 3.1% estimate of economists polled by LSEG, and above the Commerce Department's initial Q2 GDP estimate of 3%. According to the BEA, the revision stemmed primarily from upward revisions to investment and consumer spending that were partly offset by downward revisions to government spending as well as an upward revision to imports.The growth in Q2 follows a GDP contraction of 0.5% in the first quarter, which leaves GDP growth in the first half of 2025 at an annualized rate of about 1.4%.US ECONOMY SHRANK 0.5% IN THE FIRST QUARTER OF 2025 AMID TARIFF UNCERTAINTYThe BEA will release its final estimate of Q2 GDP on Sept. 25, which could further revise the economic growth figure.This is a developing story. Please check back for updates.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business