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U.S. Government Upgrades Second-Quarter Economic Growth Estimate to 2.2 Percent
Just the facts
The U.S. Department of Commerce revised its estimate for second-quarter economic growth upward to an annualized rate of 2.2 percent for the period spanning April through June. Initial government calculations had indicated lower growth, but updated measurements revealed stronger performance in consumer expenditures and fixed business investment. Economic growth in the United States reflects broader measures of goods and services produced across all domestic sectors during the three-month period. Federal statistical agencies publish regular revisions to quarterly gross domestic product data as more comprehensive source information becomes available to economic analysts.
Why this is news
The federal government revised its second-quarter economic growth data, confirming that the U.S. Gross Domestic Product expanded at an annualized rate of 2.2 percent. The updated figure reflects higher consumer spending and business investment than initially reported between April and June.
Sources
This summary is compiled strictly from the original reporting below.