The U.S. economy’s better-than-expected expansion in the second quarter fueled optimism that growth was back on an upward trajectory, allaying fears that the recovery might have been derailed during a sharp winter slowdown.
Analysts had projected the nation’s total economic output, or gross domestic product, would expand at a 3.1% in the second quarter. But the economy performed better than expected, with the strongest growth since the third quarter of last year with a boosted this spring by a jump in consumer spending, which rose 2.5%, compared with 1.2% in the first quarter.
Doug Handler, chief U.S. economist at IHS Global Insight, noted that, excluding the first-quarter slowdown, the economy averaged 4% growth in the second half of 2013 and now again in the second quarter of this year. He doesn’t expect that to continue, but forecasts growth of 3% to 3.5% in the second half of 2014. We look forward to a great end to the year!
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