US economy shakes off winter blues as GDP jumps
The US economy got a shot in the arm on Thursday from Q2 GDP figures just out showing a 4.2% rise, a better-than-expected figure.
Details also pointed to sustainable underlying strength.
Business spending and exports exceeded forecasts, helping explain the rise. Domestic demand grew by 3.1% instead of the previously reported 2.8%, suggesting that with a unusually cold winter that cut output over, the economy is making up for lost time.
Gross domestic income also surged by 4.7%, reflecting the strong jobs gains during the quarter.
Details also pointed to sustainable underlying strength.
Business spending and exports exceeded forecasts, helping explain the rise. Domestic demand grew by 3.1% instead of the previously reported 2.8%, suggesting that with a unusually cold winter that cut output over, the economy is making up for lost time.
Gross domestic income also surged by 4.7%, reflecting the strong jobs gains during the quarter.
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