Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.4 percent (refer to "Updates to GDP"). The updated estimates primarily reflected downward revisions to private inventory investment and nonresidential fixed investment that were ... (full story)

Economic growth increased at a 2.1% annual rate in the second quarter of this year, a slight downward revision from the preliminary estimate. The latest update, the second of three, indicates that second-quarter GDP growth was higher than the preceding quarter’s 2% clip, showing that the economy has remained robust even as the Federal Reserve continues to hike interest rates in response to inflation. The report shows that consumer spending, as measured by personal consumption expenditures, increased in the second quarter, a sign that U.S. economic activity is still humming despite the central bank’s tightening. (full story)