For fans of economic fiction -

Q2 GDP revised up to 4.6 percent
September 26, 2014, 8:34 AM

WASHINGTON - After a dismal winter, the U.S. economy expanded at an annual rate of 4.6 percent in the spring, the fastest pace in more than two years, the government reported Friday. The solid rebound is expected to provide momentum for strong growth the rest of the year.

The Commerce Department said the April-June figure compared to a decline of 2.1 percent in the first three months of the year, when a harsh winter caused the biggest drop in activity since the Great Recession.

Friday's result was even better than the 4.2 percent estimate made a month ago. The latest revision reflects improvements in business investment and exports. Economists believe the economy is growing above 3 percent in the current July-September quarter.

The 4.6 percent growth in gross domestic product, the economy's total output of goods and services, was the government's third and final look at GDP in the second quarter. The first estimate pegged growth at 4 percent and that was revised last month to 4.2 percent.

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