“The US economy in the second quarter grew even faster than initially estimated, according to a Commerce Department report released Wednesday.”

US economic growth in the 2nd quarter gets revised higher, remains strongest since 2014

By Akin Oyedele

Business Insider

August 29, 2018

The US economy in the second quarter grew even faster than initially estimated, according to a Commerce Department report released Wednesday.

Gross domestic product, the value of every good and service produced domestically, rose at an annual rate of 4.2%, the Commerce Department said, its fastest growth since the third quarter of 2014. The advance estimate released in July had penciled in growth at 4.1%.

Wednesday’s upward revision, based on more complete data, showed that business investment and inventories contributed more to growth than previously thought.

The April-to-June period was the first full quarter with the tax cuts signed by President Donald Trump in effect.

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