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Economy Grew During Spring: Department Revises Previous Estimate To 2.5 Percent

The U.S. economy grew at a 2.5 percent annual rate in the second quarter, faster than initially estimated, as American companies exported more and consumers bought fewer imports than the government had calculated last month.

The number was revised up from the government’s initial announcement that the economy had grown at a 1.7 percent annual clip.

In the new numbers, the Commerce Department said consumer spending climbed 1.8 percent, nonresidential investment spending moved up at a 4.4 percent rate, and government spending fell 0.9 percent. Consumption, investment and government spending are the largest components of gross domestic product.

Read the full report from AP here.