The advance estimate of Gross Domestic Product (GDP) for the second quarter showed that the U.S. economy grew by 2.8% per the Bureau of Economic Analysis. This was well above the 2% estimate and double the 1.4% growth seen in the first quarter of this year.
What’s the bottom line? Economic activity was better than expected last quarter due in part to strong consumer spending as well as inventory build. Note that this data could be revised when the second and final readings are released on August 29 and September 26, respectively.