GDP Expands in Q2, Revised Up for Q1

Washington, DC, July 30, 2015–As anticipated, the U.S. economy picked up momentum in the second quarter of 2015. The real gross domestic product (GDP) expanded at a rate of 2.3%, according to an advance estimate from the Bureau of Economic Analysis, falling just short of the expected 2.6%.

The first quarter GDP was also revised up to a 0.6% growth rate after initial reports of a 0.2% decline.

Consumer spending rose from a downwardly revised 1.8% rate in the first quarter to an estimated 2.9% rate in the second quarter, boosted by lower gasoline prices in late 2014 and a stronger labor market.