NEWS
08/27/2015 08:37 EDT | Updated 08/27/2016 01:12 EDT

US economy grew at 3.7 per cent rate in Q2, boosted by strong consumer and business spending

WASHINGTON — The U.S. economy posted a much bigger rebound in growth during the spring than previously reported, thanks to improvements in a number of areas including consumer spending and business investment.

The Commerce Department says the economy expanded at an annual rate of 3.7 per cent in the April-June quarter, more than a percentage point greater than the 2.3 per cent originally estimated.

It was the strongest growth since last summer and marked a sharp improvement from the anemic 0.6 per cent advance during the January-March quarter when a harsh winter sapped activity.

Analysts believe growth has slowed a bit in the current quarter to around 2.5 per cent. Some have expressed concern that shrinking global stock markets and a sharp slowdown in China will further weaken the economy in coming months.

Martin Crutsinger, The Associated Press