GDP Grew at 3.3% in Second-Quarter, Commerce Says
he U.S. economy grew at an annual rate of 3.3% in the second quarter, down from 3.8% in the first quarter, the Commerce Department said Thursday.
The gross domestic product growth rate matched a preliminary report issued in late August of second-quarter growth, though measures of inflation were higher than the government earlier reported.
GDP rose to $11.1 trillion when annualized and adjusted for inflation. Without adjustment, the economy grew at a 6% annual rate to $12.4 trillion for the quarter, compared with 7% in the first quarter, Commerce said.
Economists had forecast a 3.3% second-quarter rate, though they said expansion in the third quarter will be held in check by the aftereffects of Hurricanes Katrina and Rita, Bloomberg reported.