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

Springfield CVB Nabs National “G.I. Joe” Convention

Fresh
G

It's not unusual for Springfield to host conventions for collectors of certain types of memorabilia, but this is a first.

in Local

Sangamon Co. Authorities Investigate Jury Duty Scam

Fresh
sangamon county sheriff

The Sangamon County Sheriff's Office is warning of a jury duty scam that's so far affected several people.

in Local

Poe Returns to House Chamber to Thunderous Applause

Fresh
state_capitol_1

Poe is back in the saddle after being sidelined for months due to a blood disorder.

in Local

Meteorological Winter Ends; Illinois Was About Average

snow1

Winter is over -- at least for the people who study the weather.

in Local

Memorial Medical Center Opens New Surgical Center

memorial-health-podcasts@2x

Springfield's Memorial Medical Center has a new surgical center.