The U.S. economy expanded during the spring as consumers and businesses picked up their spending.
In the April–June quarter, gross domestic product grew at a 2.6 percent annual rate, up from a revised 1.2 percent pace during the first three months of the year, the Commerce Department said Friday.
Charles Seville, senior director with Fitch Ratings, said, “One encouraging sign in this report is that the recovery in investment continues, while consumption is still growing steadily.”
Consumer spending, which accounts for nearly 70 percent of the economy, grew at a 2.8 percent pace, up from a 1.9 percent January–March period.
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