The U.S. economy improved in the second quarter of 2022. Real GDP fell by 0.9% (REVISED TO -0.6%) in Q2 after falling 1.6% in the first. Real gross domestic product (GDP) decreased at an annual rate of 0.6 percent in the second quarter of 2022, following a decrease of 1.6 percent in the first quarter. The second-quarter decrease was revised up 0.3 percentage point from the "advance" estimate released in July. The smaller decrease in the second quarter, compared to the first quarter, primarily reflected an upturn in exports and a smaller decrease in federal government spending. Profits increased 6.1 percent at a quarterly rate in the second quarter after decreasing 2.2 percent in the first quarter. Despite the negativity in the media, this is an even more positive indicator. Whether it remains a good sign depends on future economic policy. The Fed may get its "soft landing" after all.