US economic growth revised up on strong consumer spending

US economic growth in Q2 was revised up to an annualized rate of 3.8%, driven by strong consumer spending and falling imports. Despite concerns about tariffs and economic uncertainties, consumer spending remained resilient, supported by a 2.5% increase in spending in the second quarter. While recent data show a weakening labor market, with employers adding fewer jobs in August, reduced unemployment claims and positive GDP data suggest that fears of a significant slowdown may be overblown, according to economists like Bill Adams and Lydia Boussour.