U.S. Growth Revised Upward for the Second Quarter

Strong consumer spending and business investment fueled the U.S. economy last quarter at a healthy 3 percent annual pace. The Commerce Department’s second revision of growth domestic product—or GDP—was previously at a 2.8 percent rate from April through June.

GDP measures the monetary value of final goods and services—those bought by the final user—produced in a country over a given period of time. The United States releases GDP quarterly. 

Consumer spending, which accounts for about 70 percent of U.S. economic activity, advanced 2.9 percent annually last quarter, and business investment expanded at a 7.5 percent rate.

The data is not likely to impact the Federal Reserve’s monetary policy meeting next month. However, the state of the economy is weighing heavily on voters’ minds ahead of the November election in the United States.

 

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