The U.S. economy grew 2.2% in the second quarter of this year, exceeding market expectations of 2.1%, according to the third estimate released by the U.S. Bureau of Economic Analysis on Wednesday.
Consumption and investment support growth
The bureau raised its estimate for gross domestic product growth by 0.7 percentage points from its previous estimate, driven mainly by upward revisions to investment, consumer spending and government spending data.
Second-quarter growth was supported by consumption, investment and exports, while imports, which are subtracted from gross domestic product, increased.
Real value added in private goods-producing industries rose 2.5%, while private services-producing industries grew 2.3%. The government sector increased by less than 0.1%.
Real estate and leasing, information, durable goods manufacturing, finance and insurance were among the sectors that contributed most to gross domestic product growth. By contrast, declines in transportation and warehousing, retail trade and nondurable goods manufacturing restrained the pace of growth.
Price indexes revised lower
The data showed a slight easing in estimates of price pressures, with the personal consumption expenditures price index rising 5% in the second quarter after the reading was revised down by 0.3 percentage points from the previous estimate.
The core personal consumption expenditures index, which excludes food and energy, also rose 3.3%, after the previous reading was revised down by 0.3 percentage points.
