The U.S. economy accelerated in the second quarter as the Commerce Department released its second revision of real gross domestic product (GDP) growth for the latest quarter.
The Bureau of Economic Analysis (BEA) on Thursday released its third and final estimate of second-quarter GDP, which showed the economy grew at an annualized rate of 3.8% in the April through June period.
That figure was hotter than the 3.3% estimate of economists polled by LSEG, and came in higher than the Commerce Department's initial second-quarter GDP estimate of 3%.
BEA explained that the GDP increase in the second quarter "primarily reflected a decrease in imports, which are a substraction in the calculation of GDP, and an increase in consumer spending. These movements were partly offset by decreases in investment and exports."
The revision of second-quarter growth upward by 0.5 percentage points from the BEA's second estimate primarily stemmed from higher consumer spending than previously reported.