|09-27-2014, 01:41 PM||#1|
U.S. GDP expands 4.6% in the second quarter, the fastest since 2011
The U.S. economy grew in the second quarter at the fastest pace since the 2011 fourth quarter, as household spending increased and companies beefed up investment.
U.S. gross domestic product (GDP) expanded at a revised 4.6% annualized rate in the three months from April to June, up from a 4.2% in a previous estimate, data released by the Commerce Department showed today.
This match expectations by Bloomberg and followed a 2.1% contraction in the first quarter.
Business investment grew at a 9.7% annualized rate, compared with 8.4% in the previous estimate. Consumer spending increased at a 2.5% annual rate.
The data reflected increased corporate spending on equipment and properties. Corporate spending on equipment was revised to an 11.2% rate from 10.7%.
Nonresidential investment added 0.35 percentage point to second-quarter growth, which was the most since the first quarter of 2012.
The release showed inventories increased at an $84.8 billion annualized pace in the second quarter after a previously reported $83.9 billion annualized rate.
Inventories in first quarter they rose at a $35.2 billion pace. Stockpiles added 1.42 percentage points to GDP last quarter.
Before-tax corporate profits rose 8.4 percent in the second quarter, the most since the third quarter of 2010 and compared with a previously reported 8 percent gain.
Increased corporate and consumer spending are building a strong economic expansion in the U.S., which could add to fears the Federal Reserve will start raising interest rates sooner than expected.
Next week’s jobs report by the Labor Department could be key for the Federal Reserve in determining the strength of the job market, a key factor in the Janet Yellen’s upcoming decision on monetary policy.
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