Key Takeaways The U.S. Gross Domestic Product grew at an annual rate of 3% in the second quarter.The economic growth rebounded after the economy shrank by 0.5% in the first quarter.The downtick and recovery were largely due to a surge and subsequent drop-off of imports,

U.S. economic growth rebounded more than expected in the second quarter, but that grossly overstated the economy's health as subsiding imports accounted for the bulk of the improvement and domestic demand increased moderately.