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