US economy grows 3% in Q2

The final review of US real gross domestic product (GDP) for August confirmed a 3% year-on-year growth, in line with the second estimate.

The Bureau of Economic Analysis report on Sept. 26 highlighted upward revisions in inventory investment and government spending, while estimates for non-residential fixed investment and exports were lowered. Import data was also revised higher, leaving the annual growth rate unchanged from the initial 2.8% reading.

Additionally, the first-quarter GDP growth rate was revised up to 1.6% YoY from the previous estimate of 1.4%.

The report attributed the faster growth in the second quarter compared to the first to increased consumer spending and private inventory investment.