The U.S. economy grew at a 3% annual rate in the second quarter, in line with economists' expectations, according to new data from the Commerce Department's Bureau of Economic Analysis.

Economists polled by LSEG projected an annual growth rate of 3% in the second quarter, after the second advance read came in at 2.8% in July.

The report also revised first-quarter GDP growth to 1.6%, up from 1.4% in the prior reading. That comes after the economy grew 3.4% in the fourth quarter of 2023.

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