US economy grew at strong 4 percent rate in spring
WASHINGTON - After a dismal winter, the U.S. economy sprang back to life in the April-June quarter, growing at a fast 4 percent annual rate on the strength of higher consumer and business spending.
The Commerce Department says the second-quarter rebound followed a sharp 2.1 percent annualized drop in economic activity in the January-March quarter. That figure was revised up from a previous estimate of a 2.9 percent decline. But it was still the biggest contraction since early 2009 during the depths of the Great Recession.
Last quarter's rebound was broad-based, with consumers, businesses, the housing industry and state and local governments all combining to boost growth.
Economists expect that momentum to continue in the second half of this year, when they forecast growth of around 3 percent.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Robotic physical therapy comes to OLOL
Fire station on Government Street undergoing remodel
Man arrested, another wanted in connection to deadly shooting on Jackson Avenue
Buddy Amoroso's widow plans to seek his seat on metro council
Two hotels held up in Baton Rouge Friday morning; police seeking 'brazen'...