US economy grew at a brisk 4.2 percent annual rate in Q2

August 29, 2018 - 7:37 am

WASHINGTON (AP) — The U.S. economy grew at a strong 4.2 percent annual rate in the second quarter, the best showing in nearly four years, as growth stayed on track to produce the strongest gain in more than a decade. Strength in business investment offset slightly slower consumer spending.

The Commerce Department revised up its estimate of growth in the April-June quarter from an initial estimate of 4.1 percent. The second quarter was a sharp improvement from a 2.2 percent annual gain in the first quarter, though some of the strength came from temporary factors.

Economists expect growth to slow to a still healthy 3 percent annual rate the rest of the year, resulting in annual growth of 3 percent in 2018, the best performance since a 3.5 percent gain in 2005.

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