U.S. Economy Expanded 3.8 Percent in Second Quarter |
| Bloomberg - Sep 27, 2007 |
The U.S. economy expanded at the fastest pace in more than a year in the second quarter, before the sell-off in credit markets that threatens to hobble growth in the second half.
Gross domestic product rose at a revised 3.8 percent annual rate from April though June, propelled by a surge in exports, figures from the Commerce Department showed in Washington. The economy advanced at a 0.6 percent rate in the first quarter.
More recent reports have shown residential construction slumped to a 12-year low in August and manufacturing cooled, suggesting last quarter's growth rate will be the strongest of the year. Concern over the damage that a worsening housing recession may wreak prompted Federal Reserve policy makers last week to cut interest rates more than most economists forecast.
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- Posted: 2007-09-27 09:52:33
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