U.S. Immigration and Business: According to a report released on Thursday, the U.S. economy was significantly more dynamic in the second quarter than previously estimated, as businesses have moved away from a wait-and-see approach and begun to invest.
The U.S. Department of Commerce released a report on Thursday stating that the annualized quarter-on-quarter growth rate of U.S. GDP in the second quarter was 3.7%, higher than the initial estimate of 2.3%. Market surveys indicated that economists had expected the growth rate to be revised upward to 3.3%, but in reality, business investment was stronger than anticipated.
Consumer spending, the primary driver of U.S. economic activity, grew by 3.1% in the second quarter, compared to the previously reported initial estimate of 2.9%. In the first quarter, U.S. consumer spending grew by 1.8%.
