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US economy grew a solid 2.2% in the second quarter, government says, upgrading previous estimate
Consumer spending rose 3.8% and business investment jumped 9%, offsetting a 12.6% increase in imports, the Commerce Department said.
- 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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In the second quarter of the year, from April to June, the American economy recorded a growth of 2.2 percent, which is 0.3 percent less growth compared to the first quarter, from January to March, the US Ministry of Commerce announced today.
·Belgrade, Serbia
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Bizpac Review+3 Reposted by 3 other sources
Economy continues to grow despite Iran war-driven headwinds
The U.S. economy showed surprising resilience Wednesday as growth was revised sharply higher, consumers continued spending and inflation came in slightly cooler than economists expected despite months […]
·West Palm Beach, United States
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United States Reviews Upwards Economic Growth in the Second Quarter, While Inflation Remained Stable
Analysts noted that much of the upward revision comes from sectors exposed to the rise of artificial intelligence (AI) technology.
Coverage Details
Total News Sources136
Leaning Left19Leaning Right27Center43Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 22%
C 48%
R 30%
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