WASHINGTON: The US economy defied expectations to see growth pick up in the second quarter, according to government data released on Thursday , supported by business investment and resilient consumer spending.
In the first quarter, GDP growth was revised sharply higher to 2 per cent - from an initial estimate of 1.1 per cent - boosted by a stronger-than-anticipated consumer spending. But while there was an"upturn in private inventory investment and an acceleration in nonresidential fixed investment", contributing to the acceleration in GDP growth, this was partly offset by a downturn in exports and decelerations in consumer spending as well as in government spending.
"A strong household sector that continues to benefit from positive job growth and rising real incomes should keep growth on a positive trajectory this year," she added.
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