Pursuits
U.S. GDP Rises 2.3% in Second Quarter; First Quarter Revised Upward
U.S. GDP on a Trajectory the Fed Wants: William Lee
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The world’s largest economy expanded at a faster pace in the second quarter and managed to eke out a gain at the start of the year, painting a picture of incremental progress consistent with the Federal Reserve’s view.
Gross domestic product rose at a 2.3 percent annualized rate, and a revised 0.6 percent advance in the first quarter wiped out a previously reported contraction, Commerce Department data showed Thursday in Washington. The median forecast of 80 economists surveyed by Bloomberg called for a 2.5 percent gain. Consumer spending grew more than projected, and price increases accelerated.