Q2 GDP revised up to 3.8%
The U.S. economy’s final second‑quarter GDP reading was revised up to a 3.8% annualized pace (from 3.3%), driven by a 2.5% rise in consumer spending and a 29.3% annualized drop in imports that boosted the headline by more than five percentage points, even as private investment and inventories were weaker. National Economic Council director Kevin Hassett called the print “about as good as it gets,” and CBS News used the stronger GDP figure to fact‑check presidential claims while noting ongoing consumer price pressures—residential electricity +6.2% YoY, natural gas +13.8% YoY (August 2025), and food at home +0.6% in August and +2.7% YoY.
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📰 Sources (3)
Fact checking Trump's recent claims about the economy
New information:
- Confirms and uses the Q2 GDP revision to 3.8% as context for fact‑checking presidential claims
- Provides federal agency price data showing residential electricity costs rose 6.2% YoY and natural gas rose 13.8% YoY (August 2025)
- Documents grocery inflation: food at home rose 0.6% in August and 2.7% YoY, and gives examples (ground beef and ground coffee prices)
National Economic Council director says second-quarter GDP release is "about as good as it gets"
New information:
- Kevin Hassett, Director of the National Economic Council, said the final second‑quarter GDP revision is 'about as good as it gets' in a CBS News interview.
- CBS News presents the NEC director's on‑camera assessment shortly after the U.S. government's final Q2 GDP revision to 3.8% annualized growth.
GDP expanded at a surprising 3.8% pace in second-quarter revision
New information:
- Second‑quarter (Q2) real GDP revised to a 3.8% annualized pace versus the prior estimate of 3.3%
- Consumer spending rose at a 2.5% annualized rate in Q2 (was 0.6% in Q1 and previously estimated at 1.6% for Q2)
- Imports fell 29.3% annualized in Q2, boosting headline GDP by more than 5 percentage points; private investment and inventories were weaker