The US economy grew at an annual rate of 4% during the April-to-June period, latest figures released by the US Department of Commerce have shown.
Consumer spending – which makes up over two-thirds of US economy activity – grew by a robust 2.5%.
Business spending increased by 14% in the world’s largest economy, as businesses restocked inventories.
The growth during the second quarter reverses the contraction seen earlier in the year.
Measured on a quarter-on-quarter basis, GDP grew by 1%.
If I’m understanding this gooble-speak, the economy grew on average by .5% per quarter for the first six months of 2014. And that’s assuming the second quarter won’t be revised downward, which is the usual outcome with these huge leaps. (And, cynic that I am, I suspect books are being cooked well-done here….)
Yay! We’re doing even worse than last year!