US Q2 growth revised up to 2.2%. What changed?

The Bureau of Economic Analysis revised second-quarter real GDP growth up to a 2.2% annual rate from its prior estimate of 1.5%. It also revised first-quarter growth up to 2.5%. The stronger Q2 estimate mainly reflected updated information on investment, consumer spending and government spending. Consumer spending grew at a 3.8% annual rate, while final sales to private domestic purchasers rose 4.6%.

Did the economy suddenly grow faster?

No. The activity took place between April and June; the new number is a better estimate of what happened, based on fuller information. GDP arrives in several estimates because source data become available at different times.

The revision paints a stronger picture of the spring economy, especially domestic demand. It does not guarantee the same pace ahead: consumers face higher prices, and GDP is a backward-looking measure. The BEA’s annual update also revised earlier quarters, so comparisons should use the updated series.