US economy grew at fastest pace since 2011 in Q2

WASHINGTON, Sept 27(AFP) : The US economy grew more strongly than previously estimated in the second quarter, clocking the fastest pace since late 2011, the Commerce Department reported Friday. Gross domestic product surged at annual rate of 4.6 per cent, the department said, revising the previous 4.2 per cent estimate.
The revision matched economists' expectations as data shows the economy built momentum in a rebound from the first quarter's 2.1 per cent contraction, when severe winter weather battered the economy.
The department said the upward revision mainly reflected larger increases in business investment than previously estimated, notably in manufacturing structures, and exports.