U.S. economy grew 2.2% in second quarter, revised up from 1.5%

The U.S. economy grew at a 2.2% annualized rate in the second quarter, the Bureau of Economic Analysis (BEA) said in a post on X on Sept. 30. The BEA said the pace was up from the 1.5% rate estimated a month earlier. [1]

The figure comes from the agency's third estimate of second-quarter GDP, covering April, May and June. The BEA said consumer spending, investment and exports contributed to the increase. Imports, which are subtracted when GDP is calculated, also rose. [2]

The agency also revised first-quarter growth to 2.5%. [2]

The BEA's data also show differences across the country. Real GDP by state ranged from a 4.0% increase in New York to a 2.3% decrease in West Virginia, the agency said. [2]

In a separate report released the same day, the BEA said personal income rose 0.2% in August, an increase of $66.6 billion. Spending grew 0.9%, or $190.8 billion. The agency said both figures are in current dollars, meaning they are not adjusted for inflation. [5][6]

Disposable personal income, which is income after personal taxes, rose $68.6 billion, or 0.3%, in August. Personal saving was $990.2 billion, and the saving rate was 4.1% of disposable income, according to the BEA. [6]

The BEA's next releases are scheduled for Oct. 29. [2][6]