The U.S. economy showed strong signs of recovery in July 2025, with Gross Domestic Product (GDP) expanding at an annualized rate of 3.3%, according to revised estimates from the Bureau of Economic Analysis. | economy
The growth was buoyed by a sharp decline in imports, which had previously surged in the first quarter as businesses rushed to import goods ahead of newly announced tariffs under President Donald Trump. | economy
In the second quarter, imports fell by 29.8%, contributing over five percentage points to the overall growth rate.
The tariff announcement in April had caused uncertainty for traders and consumers. However, the tariff introduction was paused for 90 days to allow time to countries to negotiated trade deals with the Trump Administration. | economy
US labor market beats expectations with 147,000 new jobs in June
The upbeat indicators came from consumer spending that rebounded, growing at a 1.6% annual pace—an improvement over both the 0.5% recorded in the first quarter and the government’s initial second-quarter estimate of 1.4%.
Additionally, private investment also came in stronger than initially reported, further supporting the economic uptick.
In a groundbreaking move, the U.S. Department of Commerce announced it has begun publishing official GDP data on the blockchain, starting with the July 2025 figures.
This marks the first time a federal agency has used blockchain technology to release economic statistics, part of a broader initiative to enhance data integrity, transparency, and accessibility.
US Economy
The Department released cryptographic hashes of the GDP data on nine major blockchains, including Bitcoin, Ethereum, Solana, and Avalanche. Data dissemination was supported by blockchain oracles Pyth and Chainlink, with assistance from cryptocurrency exchanges Coinbase, Gemini, and Kraken. Future plans include expanding to additional blockchains and publishing more federal datasets using decentralized technologies.
U.S. Secretary of Commerce Howard Lutnick highlighted the significance of this initiative.
“It’s only fitting that the Commerce Department and President Donald Trump, the Crypto-President, publicly release economic statistical data on the blockchain.
“We’re making America’s economic truth immutable and globally accessible, cementing our role as the blockchain capital of the world. And everybody has to admit that 3.3% GDP growth is impressive,” he noted.
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Ali Imran is a Washington-based journalist, who has worked for leading world news organizations as a correspondent, expert and in editorial positions. He is a published author and poet.
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