U.S. GDP for second quarter revised upward to 4.2 percent
SEAFOODNEWS.COM [Wall Street Journal] - August 28, 2014 -
WASHINGTON, The U.S. economy's second-quarter rebound was more robust than previously thought, putting the recovery back on track as it ended its fifth year.
Gross domestic product, the broadest measure of goods and services produced across the economy, grew at a seasonally adjusted annual rate of 4.2% in the second quarter, the Commerce Department said Thursday.
Thursday's report showed the U.S. economy was boosted in the second quarter by consumer spending, which grew at a 2.5% seasonally adjusted annual rate and contributed 1.69 percentage points to GDP growth, unchanged from the Commerce Department's initial estimate.
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