U.S. economy grew more than expected in the second quarter at a 3.8% pace

"An uptick in consumer spending helped the U.S. economy expand at a surprising 3.8% from April through June, the government reported in a dramatic upgrade of its previous estimate of second-quarter growth. U.S. gross domestic product - the nation's output of goods and services - rebounded in the spring from a 0.6% first-quarter drop caused by fallout from President Donald Trump's trade wars,"

"The first-quarter GDP drop, the first retreat of the U.S. economy in three years, was mainly caused by a surge in imports - which are subtracted from GDP - as businesses hurried to bring in foreign goods before Trump could impose sweeping taxes on them. That trend reversed as expected in the second quarter: Imports fell at a 29.3% pace, boosting April-June growth by more than 5 percentage points."

U.S. GDP expanded 3.8% in the second quarter, an upgrade from a prior 3.3% estimate. The economy rebounded from a 0.6% first-quarter decline caused largely by a surge in imports as businesses rushed to bring in foreign goods before tariffs. Imports fell 29.3% in the second quarter, adding more than five percentage points to growth. Consumer spending rose 2.5%, with services spending up 2.6%. A core measure that excludes exports, inventories and government grew 2.9%. Private investment fell, including a 5.1% drop in residential investment, and declining inventories subtracted over 3.4 percentage points from growth.

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