The U.S. economy rebounded substantially in the second quarter, exceeding economists’ expectations.
According to the Bureau of Economic Analysis (EPA), the second-quarter GDP growth rate was 3.8 percent, higher than the initial estimate of 3 percent, reflecting an upward revision to consumer spending.
This is up from the previous quarter’s 0.6 percent contraction—adjusted lower from 0.5 percent—and came in above the market consensus of 3.3 percent.
“GDP is growing at +3.8% in real terms, so despite the elevated inflation we have been living with since COVID, economic growth is exceeding that by a very large margin,” Chris Zaccarelli, chief investment officer for Northlight Asset Management, said in a note emailed to The Epoch Times….