Economic news

U.S. growth picks up above predicted levels in second quarter

U.S. economy expanded at a more rapid rate than had been projected in the April-June period, hitting the highest reading in almost four years, which makes achievement of targeted by the American administration 3% of yearly growth highly probable.

According to yesterday’s report from the Commerce Department, GDP rose at an annualized pace of 4.2%, which is a revision to a previous 4.1% given in July. In the first quarter the economy gained at a rate of 2.2%.

The revision of April-June quarter data derived from bigger business expenditures on software and lower petroleum imports compared to the first-time analysis.

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