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

Hope Institute Places CEO on Interim Leave

Fresh
hope institute logo

DCFS investigates abuse allegations

in Election 2014, Local

Oberweis Courts Black Vote

oberweiss

"Pastor on the roof" backs Republican

in Election 2014, Local

Obama Offers Quinn Help; GOP Says Quinn Needs It

Quinn and Obama

Fund-raiser for the governor Thursday

in Local

Springfield Aldermen Want to Keep Pay Flat

municipalcenter

The Springfield City Council doesn't think it, or other elected officials, should get pay raises.

in Local

Rail “Flyover” Planned Between Stanford & I-72, Though Work Still Years Away

railroad

The planning to alleviate a major freight rail traffic bottleneck is wrapping up.