The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter.
The U.S. Commerce Department said in its second estimate Wednesday gross domestic product increased at a 3% annual rate in the April-June period. The upward revision from the 2.6% pace reported last month reflected active consumer spending as well as strong business investment.
Growth last quarter was the strongest since the first quarter of 2015 and followed a 1.2% pace in the January-March period. Economists had expected that second-quarter GDP growth would be raised to a 2.7% rate.
Retail sales and business spending data so far suggest the economy maintained its stamina early in the third quarter.
With GDP quickening in the second quarter, the economy grew 2.1% in the first half of 2017, up from the 1.9% reported last month.
Jobs numbers are due out on Friday for August.
