The U.S. economy expanded at a 2.4
percent annual rate in the second quarter, powered by consumer
purchases, business investment and the biggest jump in defense
spending since the Korean War in 1951.
The rise in gross domestic product, the value of all goods
and services produced, followed rates of 1.4 percent in each of
the previous two quarters, the Commerce Department reported in
Washington. Treasury notes fell and stocks rose after the result
exceeded the 1.5 percent median forecast and a separate report
showed an unexpected drop in initial jobless claims.
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While most of the gain came from the government’s military
expenditures, economists were encouraged by higher business
spending. The pace of corporate equipment purchases, one
ingredient that has lagged in the economic recovery, was the
fastest since the second quarter of 2000.
Bloomberg News
