The US economy’s rebound in the second quarter was stronger than previously reported, and signs suggest momentum carried into the third quarter, highlighting the resilience of the world’s largest economy.
The Commerce Department said Thursday that gross domestic product rose at an annualised rate of 3.8% from April through June, the third and final estimate.
This revised figure exceeds both the 3.3% second estimate and the initial 3% reading.
The upward revision reflected a combination of lower imports and continued consumer spending, which offset the early-year drag caused by importers stockpiling inventories ahead of tariffs.
Following a contraction in the first quarter, these factors helped the economy recover more quickly than expected.
The Federal Reserve Bank of Atlanta projects that GDP maintained a robust pace in the third quarter, with the government scheduled to release its first official estimate next month.
This is a developing story.
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