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The US economy grew slightly more than we thought last quarter

210825153027 us economy second quarter gdp hp video

From April to June, U.S. gross domestic product grew at a seasonally adjusted and annualized rate of 6.6%.

NS first look at the data last month put growth at 6.5%, well below the 8.5% expected by economists. However, it represented the best quarterly growth rate since last fall as the recovery fueled economic expansion.

The minor revision reflects larger investments in things like equipment, as well as more exports. Investments in inventory and real estate, as well as state and local government spending, were revised down.

The second reading of GDP data also includes a look at how US corporations performed in the spring and early summer.

Banks and financial corporations see their profits soar $53.7 billion, up from just $1.3 billion in the first quarter.

Non-financial business profits rose $169.8 billion after rising $133.2 billion at the start of the year.

This is an evolving story. It will be updated


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