Comment on US economy grew at strong 4 percent rate in spring

US economy grew at strong 4 percent rate in spring

WASHINGTON (AP) — After a dismal winter, the U.S. economy sprang back to life in the April-June quarter, growing at a fast 4 percent annual rate on the strength of higher consumer and business spending. The rebound reported Wednesday by the Commerce Department followed a sharp 2.1 percent annualized drop in economic activity in the January-March quarter. Last quarter's bounce-back was broad-based, with consumers, businesses, the housing industry and state and local governments all combining to fuel growth. A higher trade deficit was a small drag on growth, but even there analysts noted that exports posted a strong increase but this was offset by rising imports as a growing U.S.

 

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