US second-quarter GDP revised higher as consumer spending remains robust
SPY•US second-quarter GDP growth was revised up to a 2.2% annualized rate from 1.5%, while consumer spending growth was revised to 3.8% from 3.4%.
1. Growth revised higher
The US economy grew at a 2.2% annualized rate in the second quarter, up from the previously estimated 1.5%, the Commerce Department’s Bureau of Economic Analysis said in its third estimate. First-quarter growth was revised to 2.5% from 2.1%.
2. Spending and demand
Consumer spending, which accounts for more than two-thirds of the economy, grew at a 3.8% rate, revised up from 3.4%. Final sales to private domestic purchasers rose at a 4.6% pace, up from the previously reported 4.2%.
3. Income-side measure
Measured from the income side, the economy grew at a 2.6% rate, revised up from 2.2%, reflecting strong corporate profits. The average of GDP and gross domestic income grew at a 2.4% rate, compared with a previous estimate of 1.8%.
