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Report Bumps Up US Economic Growth

  • VOA News

FILE - The U.S. Commerce Department said the nation's gross domestic product expanded at a 3.7 percent annual rate in the second quarter, more than a percentage point faster than first estimates.

FILE - The U.S. Commerce Department said the nation's gross domestic product expanded at a 3.7 percent annual rate in the second quarter, more than a percentage point faster than first estimates.

The U.S. economy grew faster than first thought between April and June, and faster than those of other developed nations.

Thursday's report from the Commerce Department said the U.S. gross domestic product expanded at a 3.7 percent annual rate in the second quarter, more than a percentage point faster than first estimates, and much faster than the first quarter.

The routine revision of growth figures reflects the use of more complete data, which show stronger spending by consumers, business and government.

Analysts say strong economic growth makes it more likely that the U.S. central bank will raise interest rates as early as September. An upbeat report Thursday showing fewer Americans applying for unemployment insurance could also be evidence of economic strength.

But recent global stock market turmoil makes other economists think officials should delay interest rate increases.

Figuring out how soon and how much to raise interest rates is likely to be on the minds of many of top central bankers from around the world over the next few days as they gather for an annual conference at a resort in the western U.S. state of Wyoming.

The U.S. Federal Reserve has a key meeting scheduled for mid-September when it could announce an interest rate decision.

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