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U.S. Economy Expands 4%
America's real gross domestic product expanded by an annualized 4.0% in the second quarter, reversing a revised 2.1% contraction in January-March, according to the U.S.
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America's real gross domestic product expanded by an annualized 4.0% in the second quarter, reversing a revised 2.1% contraction in January-March, according to the U.S. Dept. of Commerce.
The preliminary estimate from the department's Bureau of Economic Analysis will be updated on Aug. 28.
Growth in consumer spending, which accounts for two-thirds of GDP, more than doubled to 2.5% from the first to second quarter. Nonresidential fixed investment more than tripled to 5.5%, and exports swung from 9.2% shrinkage to 9.5% growth.
Inflation rose to 1.9% in April-June from a revised 1.4% in January-March, bringing it closer to the Federal Reserve's 2% target, according to the BEA.
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