The U.S. economy grew by 3% in the second quarter per the latest Gross Domestic Product report from the Bureau of Economic Analysis. This second reading of the data was above the initial 2.8% estimate and more than 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 increases in consumer spending, private inventory investment and business investment. Note that this data could be revised one more time when the final reading is released on September 26.