U.S. economy rebounds in the second quarter
Source: The Washington Post
By Ana Swanson July 28 at 9:36 AM
The U.S. economy rebounded strongly between April and June, government data showed Friday morning, driven by a pickup in spending from the federal government and consumers.
The country’s gross domestic product, a broad measure of economic activity, grew 2.6 percent at an annualized pace in the second quarter of 2017, the Commerce Department said.
Economists had expected growth to rebound from a weaker reading in the first quarter, which is typically dragged down due to seasonal problems with measurement. GDP grew at an annual rate of 1.2 percent in the first quarter, compared with 1.8 percent growth in the fourth quarter of 2016.
Less spending by state and local governments, as well as lower investment in housing and company inventories, dragged on growth in the second quarter. But those effects were offset by an increase in other types of investment, consumer spending and stronger exports.
Read more: https://www.washingtonpost.com/news/wonk/wp/2017/07/28/u-s-economy-rebounds-in-the-second-quarter/?utm_term=.31d24ce38dec&wpisrc=al_alert-economy&wpmk=1
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