US Economy Grows 2.2% in Second Quarter, Government Reports

Why it matters locally: North Carolina's diverse economy, including manufacturing and technology sectors, will be influenced by the national economic growth rate as it impacts consumer spending and business investment within the state.

The U.S. economy grew at an annual rate of 2.2% in the second quarter of the year, the government announced. This updated figure marks an upward revision from initial estimates for the period. The Commerce Department released the revised gross domestic product (GDP) data on Thursday. GDP measures the total value of goods and services produced in the country. Analysts closely watch GDP figures as a primary indicator of economic health. The revised 2.2% growth rate indicates sustained economic activity during the three-month period.