U.S. Grew Faster Than First Estimated in Second Quarter

The economy expanded more than previously estimated in the second quarter, reflecting gains in consumer spending and exports that are being threatened by costlier gasoline and a global slowdown.

Gross domestic product climbed at a 1.7 percent annual rate from April through June, up from an initial estimate of 1.5 percent and following a 2 percent gain in the first three months of the year, revised Commerce Department figures showed today in Washington. The weakest gain in business investment in new equipment in almost three years restrained the pace of growth, which was the slowest since the third quarter.