Growth recovers but jobless claims up |
| Reuters - Aug 30, 2007 |
The U.S. economy grew at an annual rate of 4 percent in the second quarter, as strong business investment led the fastest pace of expansion since early last year, the government reported on Thursday.
The Commerce Department raised its estimate of gross domestic product -- the measure of total goods and services output within U.S. borders -- from a 3.4 percent gain that it published a month ago. That was in line with Wall Street economists' forecasts and far outstripped the first quarter's anemic 0.6 percent rate of expansion.
However, the rebound in growth is not likely to be sustained. Since the April-June quarter, a credit squeeze stemming from rising defaults for subprime mortgages has disrupted financial markets worldwide and led policy-makers and analysts to scale back estimates for U.S. economic growth in coming quarters.
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- Posted: 2007-08-30 10:05:14
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