The US economy grew at a 3.8% rate in the second quarter, significantly stronger than previously reported
US consumers kept on spending in the second quarter
By Bryan Mena, CNN
Washington (CNN) — The US economy’s comeback in the second quarter was just revised higher again, and economists estimate that momentum carried on in the third quarter, underscoring the resilience of the world’s largest economy.
Gross domestic product, the broadest measure of the economic output, rose at an annualized rate of 3.8% from April through June, the Commerce Department said Thursday in its third and final estimate. That’s significantly higher than the 3.3% rate reported in the second estimate, and well above the 3% initially reported.
Falling imports and US consumers who kept on spending helped fuel the US economy’s comeback in the second quarter, following a contraction in the beginning of the year when importers stocked up on inventories to get ahead of President Donald Trump’s tariffs, which subtracted from GDP.
The Federal Reserve Bank of Atlanta estimates that GDP continued to power through at a robust pace in the third quarter. The government’s first estimate of third-quarter GDP is scheduled to be released next month.
This story is developing and will be updated.
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