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.