US economy grew at strong 4 percent rate in spring

After a dismal winter, the U.S. economy sprang back to life in the April-June quarter, growing at a fast 4 percent annual rate on the strength of higher consumer and business spending.

The rebound reported Wednesday by the Commerce Department followed a sharp 2.1 percent annualized drop in economic activity in the January-March quarter. That figure was revised up from a previous estimate of a 2.9 percent drop. But it was still the biggest contraction since early 2009 in the depths of the Great Recession.

Last quarterโ€™s bounce-back was broad-based, with consumers, businesses, the housing industry and state and local governments all combining to fuel growth. The robust expansion will reinforce analystsโ€™ view that the economyโ€™s momentum is extending into the second half of the year, when they forecast an annual growth rate of around 3 percent.

READ MORE: http://www.foxnews.com/politics/2014/07/30/us-economy-grew-at-strong-4-percent-rate-in-spring/

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