In the second quarter, the U.S. economy rebounded with a GDP growth of 3.0%, surpassing estimates of 2.3%. This growth comes after a 0.5% shrink in the first quarter, dispelling recession concerns. Consumer spending played a significant role, despite tariffs. The increase was driven by a drop in imports and a surge in consumer spending, particularly in health care, food services, and financial services. However, private sector investment and exports decreased, affecting overall growth. Prices also saw a slight increase in the second quarter, with the price index for gross domestic purchases rising 1.9%.

Read more at Investing.com: Imports Drop, Consumers Spend: The Hidden Drivers Behind Q2 GDP Beat