The US economy grew at a solid 2.2 per cent pace from April through June as consumer spending and business investment came in strong.
Growth in gross domestic product – the nation’s output of goods and services – decelerated from a 2.5 per cent pace from January through March, the Commerce Department reported Wednesday. The second-quarter growth was an improvement on the department’s previous estimate of 1.5 per cent – a surprise to economists who had expected little or no change in the GDP number.
Consumer spending – which accounts for about 70 per cent of US economic activity – increased at a healthy 3.8 per cent annual pace, up from 0.7 per cent in the January-March period. Spending has been helped by a strong stock market, which reflects enthusiasm over the prospects for artificial intelligence, enriches wealthy investors and gives them more money to buy things with.
The overall growth number was dragged down by imports. They are subtracted from growth because GDP is only suppos
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