US Economy Grows at 4.2% Rate in Second Quarter
The US economy grew 4.2 percent in the second quarter of 2014. The growth rate reflects the quarterly growth rate for the gross domestic product of the country. The rate increased slightly more than economists had expected, up 0.2% from their own estimates. The turnaround from the first quarter of the year has raised hopes of an improved second half of the year. In the first quarter of 2014, the economy shrunk by 2.1 percent. Now, the economy’s recent growth supports the expectations that the second half of the year will see marked improvement. Capital spending saw the largest growth, growing at an annual rate of 8.4% last quarter. Signs are looking positive for a growing economy for the rest of 2014.
Crutsinger, Martin. “U.S. Economy grew at brisk 4.2 percent in 2Q.” Associated Press. 29 August 2014.