The final reading on second quarter GDP showed that the U.S. economy grew by 3%, per the Bureau of Economic Analysis. This was in line with estimates and much stronger than the pace seen in the first quarter, which was revised higher from 1.4% to 1.6%.
What’s the bottom line? Economic activity was better than expected in the second quarter due in part to increases in consumer spending, private inventory investment and business investment. As of now, expectations are that economic growth in the third quarter of this year will remain around 3% as well.