The Commerce Department's Bureau of Economic Analysis attributed the improvement to increases in household consumption, private investment in inventories and nonresidential fixed investment. Imports also expanded.

U.S. gross domestic product (GDP) rose 0.8 percent in the second quarter, double the 0.4 percent growth in the previous quarter, according to the second estimate released Thursday by the Commerce Department's Bureau of Economic Analysis.

The Bureau attributed the GDP improvement to increased household consumption, private investment in inventories and non-residential fixed investment. Imports also expanded.

Compared with the first quarter, the acceleration in GDP in the quarter was mainly driven by the rebound in inventory investment and consumption. These movements were partly offset by the decline in residential fixed investment.

On an annualized basis, US GDP grew 3% between April and June, compared with 1.4% in the previous three months. The two-tenths-percent increase in the preliminary figure is due to a revision of the consumer spending reading, which was partially offset by the deterioration in non-residential fixed investment, exports and private inventories.

Copy to clipboard Print