Economy grew a solid 2.2% in the second quarter

The U.S. economy grew at a 2.2% annualized pace from April through June, according to the Commerce Department’s report released Wednesday. That beats both the previous estimate of 1.5% and the quarter’s earlier 2.5% expansion in the first quarter, as consumer spending and business investment remained firm. Consumer spending—about 70% of U.S. activity—rose at a 3.8% annual rate, up from 0.7% in January–March. Imports, however, increased 12.6% and cut roughly 1.7 percentage points from growth. Business investment excluding housing climbed 9%, while a measure of underlying strength rose 4.6%. Housing investment rose 2.8%.