MercoPress. South Atlantic News Agency
US economy grows at an annual rate of 4.6% pushed by exports and investment
The revised figures for the second quarter showed that exports increased by 11.1% from the previous three months, while business spending rose by 9.7%. 
Growth in consumer spending, which accounts for more than two-thirds of US economic activity, was 2.5%, unchanged from the previous estimate. The US economy grew at an annual rate of 4.6% between April and June, faster than the previous estimate of 4.2%, according to revised figures from the US Department of Commerce. The revision was due to larger rises in exports and business investment.
Growth estimates are revised as more information about economic performance becomes available. The strong growth - the fastest since the end of 2011 - follows a 2.1% contraction in the first quarter.
This fall in economic output was blamed on harsh winter weather, which discouraged shoppers and hampered manufacturing.
The revised figures for the second quarter showed that exports increased by 11.1% from the previous three months, while business spending rose by 9.7%.
Growth in consumer spending, which accounts for more than two-thirds of US economic activity, was 2.5%, unchanged from the previous estimate.
Analysts said the new figures suggested the US economy was in rude health.
“The data signals an even stronger rebound from the decline seen in the first quarter, when extreme weather battered many parts of the economy,” said Chris Williamson at Markit Economics.
”However, the impressive gain in the second quarter looks to be far more than just a weather-related upturn, with evidence pointing to an underlying buoyant pace of economic expansion. Survey data in particular indicate that strong growth has persisted throughout the third quarter.
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Read all commentsLove it and gas is running an average 3.30 a gallon in my area. It's projected to be 3.00 a gallon at year end and may be in the 2.75 by spring. Even better demand is not dropping......but the supply expanding.
Sep 27th, 2014 - 02:37 pm 0Just wait until we can start exporting O/G. Bye bye trade deficit.
Sep 27th, 2014 - 03:28 pm 0It won't be long now and it will change the world.
2 yankeeboy
Sep 27th, 2014 - 11:09 pm 0Hey Yank, I hate to disturb you from your wet dream but the trade deficit problem the U.S. has is pretty big. The last data shows a $40.5 billion trade deficit for the month. You would have to export about 14 million barrels a day to cancel that out, can you do that, I don't think you can. What about the 17 trillion government debt? or the over half a trillion budget deficit? One swallow doesn't make a summer, you have a long way to go and if the Europeans don't turn around their deflationary issues or if China has a credit or bank crisis “you ain't going no wheres pal”.
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