US Economy Shows Resilience with Stronger-than-Expected Growth

The US Commerce Department reported stronger second-quarter GDP growth than initially estimated, with inflation remaining steady and private payrolls increasing more than expected. The revised estimate for Q2 GDP growth increased by 0.7 percentage points to 2.2 percent.

The leading contributors to the increase were real estate, information, durable goods manufacturing, and finance and insurance, while decreases came from transportation and retail trade, as well as non-durable goods manufacturing.

In a separate release, the Bureau of Economic Analysis said that the US Federal Reserve's preferred inflation gauge stood at 3.4 percent year-on-year in August, unchanged from the month before after a revision to the July data.