US economic growth revised higher, but falls short of expectations
GDP grew 6.6% in the second quarter
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The U.S. economy grew faster than previously thought during the second quarter, but that was not enough to exceed economists’ expectations.
Gross domestic product, the broadest measure of economic performance, increased 6.6% in the three months through June, according to a second estimate released Thursday by the Commerce Department. Economists surveyed by Refinitiv had expected 6.7% growth.
The initial estimate released last month showed 6.5% growth as supply-chain disruptions and labor shortages held the economy back. The U.S. economy grew at a 6.3% pace in the first quarter.
The second estimate included upward revisions to personal consumption expenditures, nonresidential fixed investment, exports, and state and local government spending. Those were partially offset by decreases in private inventory investment, residential fixed investment, and federal government spending.
Imports, which are subtracted from GDP, increased.
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A third estimate will be released on September 30.