Economy grew at 3.9 percent rate in April-June quarter
WASHINGTON (AP) -- The U.S. economy grew at an even faster clip in the spring than previously estimated. But there is concern that growth slowed in the summer, held back by global headwinds and turbulent financial markets.
The Commerce Department says the overall economy expanded at an annual rate of 3.9 percent in the April-June quarter, up from a previous estimate of 3.7 percent. The new-found strength came from additional gains in consumer spending, business investment and residential construction.
The second quarter gain in the gross domestic product, the economy's total output of goods and services, was a marked improvement from an anemic 0.6 percent increase in the first quarter when the economy was buffeted by a harsh winter.
Economists believe growth in the third quarter has slowed to around 2.5 percent.