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US economy grows at annualized pace of 2.3% in second quarter

  • The US economy expanded at an annualized rate of 2.3% in the second quarter, according to official data. This follows a 0.6% upward revision of the growth rate for the January-to-March period.

    Cheaper fuel prices and an increase in consumer spending have contributed to the growth, the US Commerce Department said. Consumer spending grew at a pace of 2.9% in the three months to June from the 1.8% of the first quarter, the figures reveal. 

    Tagged as: US economy, annualized rate, US growth rate, fuel prices, consumer spending, US Commerce Department, business news