News

U.S. economy grew at brisk 4.2 percent in second quarter

U.S. economy grew at brisk 4.2 percent in second quarter

ECONOMY: In this Aug. 7 photo a worker assembles construction supplies at Northeast Building Products in Philadelphia. The Commerce Department's second estimate of growth for last quarter compares with its initial estimate of 4 percent. The revision reflected stronger business investment in new equipment and structures than first thought. Photo: Associated Press/Matt Rourke

MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON (AP) — After a bleak start to the year, the U.S. economy rebounded vigorously in the April-June quarter, growing at a brisk annual rate of 4.2 percent, slightly faster than first estimated.

The upward revision supported expectations that the second half of 2014 will prove far stronger than the first half.

The Commerce Department’s second estimate of growth for last quarter compares with its initial estimate of 4 percent.

The revision reflected stronger business investment in new equipment and structures than first thought.

The seasonally adjusted 4.2 percent annual growth rate for the gross domestic product came after the economy had shrink at an annual rate of 2.1 percent in the January-March quarter, the biggest drop in activity since the depths of the Great Recession.

Recent Headlines

in Local

Higher Speed Limits Expanding to Tollroads: Senate Overrides Vetoes

speed limit 70

The Illinois Senate has overridden the governor's vetoes of bills raising speed limits in Illinois.

in Local

Supreme Court Decision: Illinois May Have To Set Up Its Own Website

online-health-620x400

Illinois may have to set up its own insurance webpage because of U.S. Supreme Court's ruling on Affordable Care Act.

in Election 2014, Local

Governor-Elect Rauner Prepares To Take Reins of Illinois’ Government

governor's mansion

Governor-Elect Bruce Rauner busies himself with plans for taking reins of Illinois' government.

in Local

Heroin Kills: Man Sentenced To 24 Years For Dealing Lethal Drug

heroin

A Pekin man is given 24 years in prison for selling heroin that prosecutors say killed at least three people.

in Local

Springfield Fire Captain Arrested for Wielding Gun

gun

The Menard County Sheriff's office says a Springfield Fire Department captain has been arrested for carrying a shotgun into a rural Athens home and threatening residents.