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 "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2.2 percent (revised). The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in GDP was also 2.1 percent. The update primarily reflected a downward revision to consumer spending that was partly offset by upward revisions to nonresidential fixed investment, exports, ... (full story)

The economy grew at a 2.1% annual rate in the second quarter of this year, near the 2.2% rate the quarter before, the Bureau of Economic Analysis reported Thursday morning. The latest update, the third and final, shows that GDP growth has remained resilient 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 along despite the central bank’s tightening. After more than a year of successive interest rate hikes, ... (full story)