Economic Buzz: US GDP growth hits 3.8% in June quarter

US economic growth accelerated more than first reported in the second quarter of the year. It grew at a 3.8% annual rate, up from the original estimate of 3.3%. This was primarily driven by fewer imports and more consumer spending. Consumer spending marked a 2.5% increase, a major jump from 0.6% in the first quarter. However, spending and investment by federal government eased by 5.3% following a 5.6% drop in the first quarter.

Powered by Commodity Insights