WASHINGTON (AP) – The U.S. economy expanded at a slightly faster pace in the spring than previously reported, aided by new-found strength in business construction.
The Commerce Department said Thursday the gross domestic product, the broadest measure of the economy, expanded at an annual pace of 1.4 percent in the April-June quarter. That is up from a previous estimate of 1.1 percent growth. Much of the upward revision reflected an increase in spending on structures such as office buildings.
The modest second quarter gain followed weaker readings of 0.8 percent GDP growth in the first quarter and 0.9 percent in the final three months of last year. Economists, however, believe the economy has accelerated in the current quarter, helped by strong consumer spending.
The latest GDP reading marked the government’s third and final look at the second quarter.
Consumer spending, which accounts for 70 percent of economic activity, grew at a 4.3 percent rate in the second quarter. That is down slightly from a previous estimate of 4.4 percent but still the best showing since late 2014.