Wednesday brought the first official estimate of how much the U.S. economy grew in April through June. Here’s what to know: Gross domestic product grew at a 3% rate in the second quarter. That marked

The size of the U.S. economy grew in the second quarter of this year by a lot — 3%, annualized . That’s after it contracted in the first quarter by 0.5%. But as is so often the case in economics and elsewhere, looks can be deceiving.

The latest GDP report follows a decline of 0.5% in the first quarter, the weakest period of economic growth for the U.S. since Q1 in 2022 that was “primarily reflected” by an increase in imports as businesses aimed to get in front of President Donald Trump’s tariffs, and a decrease in government spending, the BEA said.