US economy expands at 2.6%
The US economy grew at an annual rate of 2.6 percent in the second quarter of the year, higher than the revised 1.2 percent in the previous quarter, according to the US Commerce Department. “The acceleration in real gross domestic product growth in the second quarter reflected a smaller decrease in private inventory investment, an acceleration in personal consumption expenditures, and an upturn in federal government spending,” the Commerce Department said. Personal consumption expenditures, which account for about two-thirds of the US economy, increased at an annual rate of 2.8 percent in the second quarter of the year. That was an acceleration from the 1.9 percent pace in the first quarter.