” U.S. economic growth was a bit stronger than initially thought in the second quarter, notching its best performance in nearly four years and putting the economy on track to hit the Trump administration’s goal of 3 percent annual growth.
Gross domestic product increased at a 4.2 percent annualized rate, the Commerce Department said on Wednesday in its second estimate of GDP growth for the April-June quarter. That was slightly up from the 4.1 percent pace of expansion reported in July and was the fastest rate since the third quarter of 2014.
The economy grew at a 2.2 percent pace in the January-March period. The slight upward revision to growth last quarter reflected more business spending on software than previously estimated and less imported petroleum.
Stronger software investment and a smaller import bill offset a downward revision to consumer spending. President Donald Trump, whose administration has vowed to boost annual economic growth to 3 percent on a sustainable basis, cheered the revised second-quarter data.
“Our country is doing great!” Trump tweeted. ” […]