Key Facts

• The U.S. economy grew at an annual rate of 3% in the second quarter.
• The economy had previously contracted by 0.5% in the first quarter.
• A decrease in imports helped improve the GDP growth, as high imports reduce GDP figures.
• Consumer spending increased by an annualized rate of 1.4% in the second quarter.
• Business investment grew at a slower pace of 1.9%, down from about 10% previously.
• An adjusted measure of growth, which focuses on consumer and business spending, slowed to a 1.2% annualized rate.
• Tariffs and trade tensions may affect future economic growth, as recent trade announcements involve new tariffs.