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(Sharecast News) - US economic growth was revised higher in the second quarter, according to the Commerce Department, with GDP now estimated to have risen at an annualised 2.2% pace, supported by firm consumer spending and continued business investment tied to AIrelated infrastructure.
Q2's reading was lifted from the previously reported 1.5% pace, while firstquarter growth was also revised up to 2.5% from 2.1%. The BEA said updated data back to 2021 showed the economy holding up despite headwinds from the USIsraeli conflict with Iran, helped by strong corporate investment and taxrefundsupported household spending.
Consumer expenditure grew at a 3.8% rate last quarter, up from the earlier 3.4% estimate, though households have faced mounting pressure from higher inflation, particularly petrol prices.
Domestic demand remained firm, with final sales to private domestic purchasers rising 4.6%, while business spending on equipment maintained doubledigit growth.
Measured from the income side, the economy expanded at a 2.6% rate, reflecting strong corporate profits.
Reporting by Iain Gilbert at Sharecast.com
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