The US economy grew at a 2.2% annual pace in the second quarter as consumer spending and business investment remained strong, marking an upgrade from the government’s earlier estimate of 1.5%, the Commerce Department said on Wednesday. The economy expanded 2.5% in the January-March quarter, the Associated Press reported.
Growth in gross domestic product, which measures the output of goods and services, was supported by a sharp pickup in consumer spending and continued strength in business investment. Consumer spending, which accounts for about 70% of US economic activity, rose at a 3.8% annual rate in April-June, compared with 0.7% in the first quarter.
