US economy grew at 3 percent rate in Q2, best since 2015
Posted: 8:52 AM, Aug 30, 2017
Image copyright 2017 Getty Images. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
<p><span style="font-family: Roboto, sans-serif;">BEDMINSTER TOWNSHIP, NJ - NOVEMBER 20: (L to R) President-elect Donald Trump and investor Wilbur Ross pose for a photo following their meeting at Trump International Golf Club, November 20, 2016 in Bedminster Township, New Jersey. Trump and his transition team are in the process of filling cabinet and other high level positions for the new administration. (Photo by Drew Angerer/Getty Images)</span></p><p><span style="background-color: transparent; color: rgb(255, 255, 255); font-family: Roboto, sans-serif;"> cabinet and other high level positi new administration. (Photo by Drew Angerer/Getty Images)</span></p>
The U.S. economy rebounded sharply in the spring, growing at the fastest pace in more than two years amid brisk consumer spending on autos and other goods.
The Commerce Department says the gross domestic product, the broadest measure of economic health, grew at an annual rate of 3 percent in the April-June quarter. It was the best showing since a 3.2 percent gain in the first quarter of 2015.
The result is a healthy upward revision from the government's initial estimate of 2.6 percent growth in the second quarter. The growth rate in the January-March quarter was a lackluster 1.2 percent.
Improvements in consumer spending, particularly on autos, and business investment powered second-quarter growth. Those revisions offset a bigger drag from spending by state and local governments.
Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.