US economy’s growth rate boosted to 4.2 percent

(Worthy News) – The U.S. economy grew 4.2 percent in the three months through June, slightly faster than initially reported and the most in four years.

The improvement of 10 basis points reflects more complete data than were available for last month’s calculation by the Bureau of Economic Analysis, including an improvement in commercial and industrial investments and a drop in imports, which are subtracted from gross domestic product.

The changes made up for a downward adjustment of 20 basis points in consumer spending, which along with government investment should “continue to anchor growth for the remainder of the year,” Pooja Sriram of British lender Barclays Plc said in a report. Consumer companies from cosmetics firms Estee Lauder to electronics giant Best Buy have benefited from shoppers loosening their purse strings after last year’s tax cuts, though some are cautious about the rest of 2018. [ Source: Washington Examiner (Read More…) ]

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