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

Cancellations and Postponements

Winter Weather Announcements 1240

  Sunday, February 1st: The snow ordinance for the city of Spencer is still in effect.  The city will be…

in Local

Spencer Snow Emergency In Effect

snow

All vehicles must be off of city streets tonight from midnight to 7:00 a.m...

in Local

Leadership Spencer Registration Open

News Chamber1240

The 10-week course will run each Monday from 3-5 p.m. starting March 2nd...

in Local

Winter Trout Stocking

trout

The Iowa DNR trout truck is expected to show up at Scharnberg Park sometime between 12 and 1 Saturday afternoon...

in Local

Storm Lake House Fire

fireback

The cause of the fire was ruled electrical in nature...