A category within the GDP data that measures the economy’s underlying strength weakened in the second quarter, expanding at a 1.2% annual pace, down from 1.9% from January through March and the weakest since the end of 2022.

The U.S. economy bounced back in the second quarter amid an uptick in consumer spending and a decline in imports, as the value of American goods and services increased at a higher rate than expected, according to data released Wednesday by the Commerce Department.