Second-quarter GDP grew at 2.8% rate, much more than expected, as election approaches

The economy grew at a robust 2.8% seasonally adjusted annual rate in the second quarter of this year, the Bureau of Economic Analysis reported Thursday in a preliminary estimate.

The consensus among economists was that GDP would increase at a 2% rate in the second quarter, so the stronger-than-expected growth is good news for the economy and the Biden administration, which has been buffeted by low economic approval ratings, in an election year.