News

U.S. economy grew at brisk 4.2 percent in second quarter

U.S. economy grew at brisk 4.2 percent in second quarter

ECONOMY: In this Aug. 7 photo a worker assembles construction supplies at Northeast Building Products in Philadelphia. The Commerce Department's second estimate of growth for last quarter compares with its initial estimate of 4 percent. The revision reflected stronger business investment in new equipment and structures than first thought. Photo: Associated Press/Matt Rourke

MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON (AP) — After a bleak start to the year, the U.S. economy rebounded vigorously in the April-June quarter, growing at a brisk annual rate of 4.2 percent, slightly faster than first estimated.

The upward revision supported expectations that the second half of 2014 will prove far stronger than the first half.

The Commerce Department’s second estimate of growth for last quarter compares with its initial estimate of 4 percent.

The revision reflected stronger business investment in new equipment and structures than first thought.

The seasonally adjusted 4.2 percent annual growth rate for the gross domestic product came after the economy had shrink at an annual rate of 2.1 percent in the January-March quarter, the biggest drop in activity since the depths of the Great Recession.

Local Headlines

in Local

Law Enforcement Reports

lawenforcement1240

A Spencer man wanted on six warrants was taken into custody on Monday...

in Local

Arnolds Park Accident

Car Accident 1280

Two Lakes area people are injured in a two vehicle accident...

in Local

Highway 18 Accident

ambulance2

Two are injured in a multi vehicle accident east of Algona...

in Local

Rock Island Project Opposition

wind turbine

Over 1000 Iowans, including some local have objections to a two billion dollar project...

in Local

Spencer School Buildings

adminbuilding1240

The Spencer schools are looking at building projects...