US GDP increased 3% in second quarter, surpassing expectations

According to a press release from the Bureau of Economic Analysis (BEA), "Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2025 (April, May, and June), according to the advance estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP decreased 0.5 percent."

The second quarter reflected a decrease in imports, which are a subtraction from the GDP, as well as an increase in consumer spending over the course of the three months, the BEA added in the release about the numbers. "These movements were partly offset by decreases in investment and exports," it added.

However, the stock market dropped on Friday with the release of the July jobs report, which showed a large downward revision in jobs gains for May and June, sparking economic concerns.

White House Press Secretary Karoline Leavitt said of the GDP numbers, "Today, GDP growth came in above market expectations, and yesterday, consumer confidence rose. Americans trust in President Trump’s America First economic agenda that continues to prove the so-called ‘experts’ wrong. President Trump has reduced America’s reliance on foreign products, boosted investment in the US, and created thousands of jobs — delivering on his promise to Make America Wealthy Again. The data is clear and there are no more excuses, now is the time for ‘too late’ Powell to cut the rates!”

The remarks echo what President Donald Trump has called for, namely for Fed Chair Jerome Powell to cut the interest rates, as there has been a general decline in inflation after Trump took office. The president has repeatedly pressured Powell to lower the rates and posted to Truth Social earlier this week, "Jerome 'Too Late' Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair."

"He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction! Put another way, 'Too Late' is a TOTAL LOSER, and our Country is paying the price!" Trump added at the time.