The U.S. economic rebound in the second quarter was stronger than initially reported, the Commerce Department said Wednesday. It now says that gross domestic product rose at 3 percent rate from April through June, up from an initial 2.6 percent reading.
Consumer spending was the main engine for the strength in the second quarter, rising a revised 3.3 percent, up from the government’s original estimate of a 1.9 percent gain. Outlays of business investment rose at a revised 0.6 percent in the second quarter, up from a prior 0.4 percent estimate.
The government also reported that corporate adjusted pretax profits were up 6.7 percent over the past year, That's despite falling by 0.5 percent from the first to the second quarter.
No comments:
Post a Comment