Economy is being anchored by labor market and businesses are boosting investment, potentially holding off a recession
The US economy grew faster than expected in the second quarter as labor market resilience underpinned consumer spending, while businesses boosted investment in equipment, potentially keeping a much-feared recession at bay.
Gross domestic product (GDP) – a broad measure of economic growth – increased at a 2.4% annualized rate last quarter, the commerce department announced in its advance estimate of second-quarter GDP on Thursday. The economy grew at a 2.0% pace in the January-March quarter. Economists polled by Reuters had forecast GDP rising at a 1.8% rate.
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