Despite skyrocketing gas prices, the US economy was remarkably resilient this spring.
Gross domestic product grew at a 2.2% inflation-adjusted annualized pace in the second quarter, a sharper rebound than the 1.5% rate previously estimated as stronger consumer spending and business investment helped power growth.
Economists were expecting the prior reading to hold, according to FactSet consensus estimates.
Still, last quarter’s GDP reading is lower than the first quarter, when the economy grew at a 2.5% annualized pace.
Consumer spending, which accounts for two-thirds of GDP, soared by 0.9% last quarter, the fastest pace in nearly two years. The Commerce Department previously estimated a 0.1% pace for consumer spending last…
