The U.S. economy grew faster than expected in the second quarter, expanding at a 3% annual rate, according to updated data from the Commerce Department. This is a slight increase from the earlier estimate of 2.8%, largely due to stronger consumer spending and higher business investment.
Consumer spending, which makes up about 70% of the economy, rose at an annual rate of 2.9%—up from the earlier estimate of 2.3%, as reported by the Associated Press. Business investment also picked up, growing by 7.5%, driven by a notable 10.8% jump in spending on equipment.
