Research Brief: Gross Domestic Product – August 2025

Topline growth in GDP resumed. Real gross domestic product rose at an annual rate of 3.0 percent in the second quarter, following a 0.5 percent drop in the prior period. Yet the change in GDP was influenced in both quarters by the front-loading of imports ahead of new tariffs. Setting that distortion aside and focusing on consumer spending, final sales to private domestic purchasers increased 1.2 percent — the lowest annual rate since late 2022…

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