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US economic growth revised up again | US economic growth revised up again |
(35 minutes later) | |
The US economy grew even faster in the second quarter than previously thought, new figures have indicated. | The US economy grew even faster in the second quarter than previously thought, new figures have indicated. |
The Commerce Department said it grew at a 3.1% annual rate over the three months to the end of June, up from a previous estimate of 3%, which was itself revised up from an initial 2.6%. | The Commerce Department said it grew at a 3.1% annual rate over the three months to the end of June, up from a previous estimate of 3%, which was itself revised up from an initial 2.6%. |
The further upward revision came as a surprise to analysts, who had it expected it to stay the same. | The further upward revision came as a surprise to analysts, who had it expected it to stay the same. |
Higher consumer spending, helped boost the figure, as did state expenditure. | Higher consumer spending, helped boost the figure, as did state expenditure. |
The US economy is now growing at the fastest rate in two years. | |
"Growth was solid in the second quarter, but that was after a soft first quarter," said Gus Faucher, chief economist at the PNC Financial Services Group. | |
"The economy has been expanding at a pace of between 2% and 2.5% throughout the current economic expansion, which started in 2009. | |
"This is below the pace of previous expansions, in part because of demographic changes in the US, most notably slower labour force growth with the retirement of the baby boomers." |
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