The American economy grew in the second quarter at it quickest rate since the final three months of 2011 boosted by rising business investment, modest household consumption and providing optimism for the second half of the year.
Gross Domestic product increased at a 4.6 percent annual rate, up from the 4.2 percent prior estimate, in this the second and final revision from the Commerce Department of the most widely used measure of economic activity. The result was in line with economic forecasts and came after the 2.1 percent decline in growth in the first three months of the year.
Business investment climbed at a 9.7 percent annualized pace, improved from the 8.4 percent previous estimate. This confirmed several other indexes of rising business optimism. Personal spending was was unchanged at 2.5 percent annually, slightly less than the 2.9 percent average estimate from the Bloomberg survey. Consumer purchases account for about 70 percent of the economy.
In a separate report the University of Michigan Consuemr Confidence Survey for September was unrevised at 84.6 percent , slightly less than the 84.8 prediction.
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