US economy grew at 2.5 per cent rate in Q2
WASHINGTON (AP) - The US economy grew at a 2.5 per cent annual rate from April through June, much faster than previously estimated.
The steep revision was largely because US companies exported more goods, and imports declined.
The Commerce Department said second-quarter growth was sharply higher than the initial 1.7 per cent rate it reported last month. And the growth this spring was more than double the 1.1 per cent rate from January through March.
The improvement in the trade deficit helped offset weaker government spending.