U.S. economic growth picked up in the second quarter of the year, according to the report released by the Commerce Department this morning. Gross domestic product rose at a 2.6 percent annual rate in the April to June period. The second-quarter advance is a welcome rebound after a lackluster start to the year, when GDP grew at only 1.2 percent.
Consumer spending, the main engine of the economy, led the way with a 2.8 percent increase. Business investment in equipment rose 8.2 percent, while outlays on structures advanced 4.9 percent.
There were a couple of disappointing areas: The value of inventories fell slightly, to mark their second quarterly decline in a row. Investment in new housing also sank 6.8 percent. Exports rose 4.1 percent while imports edged up just 2.1 percent.
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