US economy grew 2.2% this spring, more than initially estimated

Despite skyrocketing gas prices, the US economy was remarkably resilient this spring.

Gross domestic product grew at a 2.2% inflation-adjusted annualized pace in the second quarter, a sharper rebound than the 1.5% rate previously estimated as stronger consumer spending and business investment helped power growth.

Economists were expecting the prior reading to hold, according to FactSet consensus estimates.

Still, last quarter’s GDP reading is lower than the first quarter, when the economy grew at a 2.5% annualized pace.

This story is developing and will be updated.