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On the surface, it looks like the US economy is defying slowdown fears.
Today’s second estimate of Q2 GDP numbers indicated that inflation-adjusted gross domestic product—aka all the goods and services produced in the US—jumped 3.3%, beating the original estimate of 3%.
But some argue that under the hood, those numbers aren’t quite as great as they seem.
“While the US economy grew at an upwardly revised annualized rate of 3.3% in Q2 2025, the strength was largely a mirage, reflecting a sharp decline in imports after businesses accelerated purchases in response to tariffs in Q1,” explained EY-Parthenon Chief Economist Gregory Daco. “The US economy only expanded at a muted 1.4% average pace in H1, revealing soft underlying private sector demand outside of the AI-driven investment boom.”
With growth largely expected to plateau in Q3 thanks to the effects of tariffs, the latest numbers could add to the mounting pile of evidence pointing the Federal Reserve towards a rate cut, a move the central bank is widely anticipated to make in September.
“The upward revisions to second quarter economic growth raises the bar for the third quarter. Slowing job growth indicates the economy will not keep up with the above-trend growth from the previous quarter,” explained Chief Economist for LPL Financial Jeffrey Roach. “Softer growth in Q3 will add fuel to those calling for rate cuts,” he added.
We can’t escape crypto
Like NFTs, fartcoin, and President Trump digital trading cards, we’ve got one more crypto project hoisted upon us that literally nobody asked for.
The government started distributing GDP data via blockchains this quarter, giving the crypto industry just one more stamp of legitimacy. The data was published this morning on Bitcoin, Ethereum, Solana, and six other blockchains.
“It’s only fitting that the Commerce Department and President Donald Trump, the Crypto-President, publicly release economic statistical data on the blockchain,” said U.S. Secretary of Commerce Howard Lutnick in a statement.
To that one person out there who actually uses blockchains for news gathering: Congrats, today is your lucky day.—LB