U.S. Economy Expanded at Revised 1.4% Rate in Second Quarter

The U.S. economy expanded more in the second quarter than previously estimated, reflecting a smaller drag from business spending on structures and equipment.

Gross domestic product rose at a 1.4 percent annualized rate, compared with a prior estimate of 1.1 percent, Commerce Department figures showed Thursday. Gross domestic income, which reflects all the money earned by consumers, businesses and government agencies, was revised to show a 0.2 percent drop rather than a gain.