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

Explosives Charges Filed Against Mother and Son

handcuffs

Authorities found enough explosive materials to level a two-story building...

in Local

SCT: Our Town Auditions This Monday and Tuesday

sct1240

They are looking for a cast of 30-40 with roles for both kids and adults...

in Local

Ernst In Listening Area On Monday

ernst

Ernst will be in Spencer, Okoboji and Pocahontas...

in Local

Gunshots Fired At Storm Lake Motel

lawenforcement1240

During an altercation a man fired two shots...

in Local

Cherokee County Drug Arrests

News Arrest1240 1

Seven people are arrested after a several months long drug investigation...