WASHINGTON – The U.S. economy expanded at a slightly faster pace in the spring than previously reported, aided by new-found strength in business construction.
The Commerce Department says the gross domestic product, the broadest measure of the economy, expanded at an annual pace of 1.4 per cent in the April-June quarter. That is up from a previous estimate of 1.1 per cent growth. Much of the upward revision reflected an increase in spending on structures such as office buildings.
The modest second quarter gain followed weaker readings of 0.8 per cent GDP growth in the first quarter and 0.9 per cent in the final three months of last year. Economists, however, believe the economy has accelerated to around 3 per cent in the current quarter, helped by strong consumer spending.