US Economy Grows at Fastest Pace in Nearly Two Years on Consumer Spending

The US economy grew in the second quarter at the fastest pace in nearly two years as the government revised up its previous estimate of consumer spending.

Inflation-adjusted gross domestic product, which measures the value of goods and services produced in the US, increased at a revised 3.8% annualized pace, a Bureau of Economic Analysis report showed Thursday. That was stronger than the previously reported 3.3% advance and followed an outright contraction in the first quarter.