US economy grew at a sizzling annual pace of 4.2 percent in the second quarter, faster than initially reported (AFP Photo/Frederic J. BROWN)
AFP: US economy grew 4.2% in second quarter, faster than first reported
Washington (AFP) - The roaring growth of the US economy in the second quarter was even faster than first reported, with new numbers showing a bigger boost in corporate spending, the government reported Wednesday.
The uptick in estimates of second quarter spending by companies was sure to comfort President Donald Trump and supporters of December's sweeping corporate tax cuts who argue that lowering corporations' tax burdens will spur investment and growth.
Gross Domestic Product advanced at an annual rate of 4.2 percent in the April-to-June period, a tenth of a point faster than initial estimates showed last month and -- at nearly twice the first quarter's pace -- the fastest growth in almost four years, according to the Commerce Department.
Analysts had been expecting a slight downward revision.
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WNU Editor: I remembered when the critics were pouncing on then candidate Trump's promise that he would deliver 3% growth annually if elected. And while I do know that a lot of Americans are still not enjoying this booming economy, there are many who are, and in the end this type of growth will only benefit everyone.
