US economic growth for last quarter is revised up to a solid 3% annual rate

The U.S. economy grew last quarter at a healthy 3% annual pace, fueled by strong consumer spending and business investment, the government said in an upgrade of its initial assessment. The Commerce Department had previously estimated that the nation’s gross domestic product expanded at a 2.8% rate from April through June. The second-quarter growth marked a sharp acceleration from a sluggish 1.4% growth rate in the first three months of 2024. Consumer spending, which accounts for about 70% of U.S. economic activity, rose at a 2.9% annual rate last quarter, up from 2.3% in the government’s initial estimate. Thursday’s report reflected an economy that remains resilient while still gradually slowing under the pressure of continued high interest rates.