Investment, Consumer Spending Lift US GDP to 2.2 Percent

U.S. GDP growth in the second quarter was revised upward to a 2.2% annualized rate, upgraded by firmer consumer spending and a pickup in business investment, the Bureau of Economic Analysis said Sept. 30. The revision followed the earlier 1.5% estimate, though growth still cooled from the 2.5% pace in the first quarter. Consumer spending rose 3.8% in April–June, up from 0.7% in the first quarter, supported by seasonal events including Amazon Prime Day and the FIFA World Cup. Business investment jumped 9%, highlighting the ongoing artificial intelligence boom, while housing investment rose nearly 3% for the first time since late 2024. Exports rose 5% and imports climbed nearly 13%; the trade deficit widened 11.5% to $132.6 billion. The GDP Price Index increased to 6.1%. Separately, the Fed’s PCE inflation gauge was released alongside jobs data showing companies added more than 90,000 jobs in September.