US second quarter GDP growth revised down to 2.1%

The United States' second quarter GDP growth was revised downward from an initial estimate of 2.4 percent to 2.1 percent annualised, according to the Bureau of Economic Analysis. This brings the Q2 growth rate to about 2 percent seen in Q1 2023.

The downward revision mostly reflects lower estimates for corporate expenditure, which is partially offset by an upward revision for state and local government spending.

The US government said in a drop from its earlier estimate that the economy grew at a 2.1 percent annual pace from April through June, demonstrating sustained resilience in the face of increased borrowing costs for individuals and companies.