The U.S. economy accelerated in the second quarter as consumers increased their spending, businesses invested more in equipment and stocked inventories, and inflation cooled.
The Commerce Department said that GDP rose at an annual rate of 2.8% in the three months to the end of June, up from 1.4% in the first quarter and ahead of the 1.9% expected by economists.
Consumer spending and business investments drove almost all the second quarter’s growth, with federal, state and local government spending also contributing. Read more.