U.S. economy grew a solid 2.2% in the second quarter, government says, upgrading previous estimate
Also reported by ABC News
Summary
The U.S. economy grew by 2.2% in the second quarter, a faster rate than earlier estimated. This growth was driven mainly by strong consumer spending and business investments.Key Facts
- The U.S. economy grew 2.2% from April to June.
- This growth rate was revised up from an earlier estimate of 1.5%.
- Economic growth slowed down from the 2.5% rate seen in the first quarter.
- Consumer spending rose 3.8% in the second quarter, much higher than the 0.7% increase in the first quarter.
- Consumer spending makes up about 70% of the U.S. economy.
- The U.S. Commerce Department provided this updated data.
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