There's good news this morning about the American economy, not just in the present but earlier in the year as well. The Commerce Department announced that our GDP grew by 2.3 percent in the second quarter, which is roughly in line with where it's been over the past year. It also revised the first quarter estimate, turning what had been a 0.2 percent loss into a 0.6 percent gain.
The longer-term revisions were a bit disappointing though. Commerce revised down estimates for 2011 to 2014, now showing that the economy expanded by 2 percent over that period, below the previous estimates of 2.3 percent.
The strongest growth factors in the second quarter were consumer spending and exports. Consumer spending increased by 2.9 percent last quarter, up from 1.8 percent growth in the first quarter. And exports rose by 5.3 percent, after dropping by 6 percent in the first quarter.