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U.S. Economy Grew Faster Than Previously Estimated
The American economy expanded at a 2.5% annual rate in the April-June period this year compared with an earlier estimate of 1.7%, according to the Dept. of Commerce.
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The American economy expanded at a 2.5% annual rate in the April-June period this year compared with an earlier estimate of 1.7%, according to the Dept. of Commerce.
The nation's gross domestic product rose 0.1% in the fourth quarter of 2012 and 1.1% in the first quarter this year.
The department says the economy's sharper increase in the second quarter was caused by new data showing that June exports were higher and imports lower than the government initially projected.
Economists, who note that GDP has been resilient despite government spending cuts and higher payroll taxes, predict the economy will expand about 2.5% in the second half of 2013. But they warn that growth could be constrained if Federal Reserve actions hike interest rates or Congress fails to raise the U.S. debt ceiling by mid-October.
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