The United States economy grew 0.4% in the second quarter of 2026 compared to the first quarter, with annualized growth reaching 1.5%, down from 2.1% in the previous period, according to the Bureau of Economic Analysis (BEA).
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The result fell slightly short of the 1.8% annualized rate analysts had forecast, which had pointed to a positive contribution from technology investment and artificial intelligence.
Growth in the quarter was driven by a 3.2% rise in consumer spending, a 3% increase in investment, and a 4.5% jump in exports. Those gains were partly offset by a 0.8% decline in government spending, which reversed the 4.4% increase recorded in the first quarter.
Imports, which subtract from GDP calculations, rose 11.5%, three tenths of a percentage point less than the previous reading.
Defense spending increased 2.4%, up from 2.1% in the first quarter, against a backdrop of the war launched by the US and Israel against Iran on February 28. The BEA report noted that total federal spending fell 4.1%, a sharp reversal from the 9.4% growth recorded in the opening months of 2026.
PCE Inflation Climbs
The personal consumption expenditures (PCE) index rose at an annualized rate of 5.1% in the second quarter. The core PCE measure, which excludes food and energy, increased 3.4%.
The Federal Reserve held interest rates steady in a range of 3.5% to 3.75% at the conclusion of its meeting on Wednesday, the second chaired by Kevin Warsh as head of the central bank.
