Consumer Demand, Government Spending Fuel 3 Percent GDP Growth in 2nd Quarter: 3rd Estimate

Sixteen of 22 industry groups added to the real GDP increase, the Bureau of Economic Analysis said.

A man carries a shopping bag along a street in Manhattan, New York City, on Feb. 14, 2023. Spencer Platt/Getty Images

The U.S. economy expanded steadily in the second quarter, fueled by strong consumer demand and upward revisions to federal government spending and private inventory investment.

Economic conditions remained intact despite restrictive Federal Reserve policy and above-trend inflation.