US Final Q2 GDP Growth Revised Up to 2.2% on Robust Consumer Spending

The final reading of US second-quarter real GDP growth was revised upward to an annualized rate of 2.2%, surpassing consensus expectations of 1.5%. Economic growth moderated from the upwardly revised 2.5% rate in the first quarter, but final figures showed resilient domestic activity. The revision was largely propelled by personal consumption expenditures rising to 3.8% from the previous estimate of 3.4%, alongside increases in business and government spending. Inflation metrics softened alongside the growth upgrade, with the core PCE price index expanding by 3.3% compared to the projected 3.6%.