Second-quarter GDP Growth Revised Up To 4.2 Percent
The U.S. economy rebounded more strongly than initially thought in the second quarter, and details of a report on Thursday pointed to sustainable underlying strength. The Commerce Department said gross domestic product expanded at a 4.2 percent annual rate–instead of the previously reported 4.0 percent pace–reflecting upward revisions to business spending and exports. It was the fastest pace since the third quarter of 2013. The composition of growth in the second quarter was even more encouraging, with the sources of growth broad-based.