by MARTIN CRUTSINGER, Associated Press
WASHINGTON (AP) — After a dismal winter, the U.S. economy expanded at an annual rate of 4.6 percent in the spring, the fastest pace in more than two years. The solid rebound is expected to provide momentum for strong growth the rest of the year.
The Commerce Department says the April-June figure compared to a decline of 2.1 percent in the first three months of the year, a period when a harsh winter caused the biggest drop in activity since the Great Recession.
Friday’s result was even better than the 4.2 percent estimate made a month ago. The latest revision reflects improvements in business investment and exports. Economists believe the economy is growing above 3 percent in the current July-September quarter.