U.S. Economy Grew 2.2%

The Commerce Department raised its final estimate of second-quarter U.S. growth to a 2.2% annual rate. That was above the prior estimate but slower than the first-quarter pace, after stronger consumer spending drove much of the revision. Business investment also rose, including spending tied to artificial intelligence, data centers and commercial construction. The economy held up despite high interest rates, inflation, conflict with Iran, an energy-price spike and weak consumer confidence. Economists said AI enthusiasm and stock-market wealth helped, while warning that a shift in optimism could hurt growth. Imports rose sharply and cut into GDP accounting. Underlying private demand was stronger. The first third-quarter estimate is due Oct. 29.