shadow

US ECONOMY SHOWS UNEXPECTEDLY STRONG GROWTH

The US economy expanded at an annual rate of 2.7 percent in the spring, significantly faster than previously believed, the government said Aug. 29, further dispelling recession concerns. The Commerce Department said the increase in the gross national product, the broadest measure of economic health, was a full percentage point higher than its first estimate a month ago, which forecast the poorest performance in three years.

The White House was sure to welcome the upward revision since more robust economic growth makes it easier to meet the administration's deficit-reduction goals.

of 5 stories this month > Get unlimited stories
You've read 5 of 5 free stories

Only $1 for your first month.

Get unlimited Monitor journalism.