Economy grew at a faster pace in 2nd quarter

The U.S. economy expanded at a faster pace than previously estimated in the second quarter as exports and business investment were revised upward, pushing the revised gross domestic product up 2.5 percent from the initial estimate of 1.7 percent.

 

The U.S. Commerce Department reported the revised estimate today, and it exceeded economists’ forecast of 2.2 percent.

The GDP reading is the last one Federal Reserve Board members will see before they meet Sept. 17-18 to discuss whether or not to start scaling back their $85 billion-a-month bond purchasing program.

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