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The U.S. economy accelerated in the second quarter as consumers increased their spending, businesses invested more in equipment and stocked inventories, and inflation cooled.
Gross domestic product—the value of all goods and services produced in the U.S., adjusted for inflation and seasonality—rose at an annual rate of 2.8% for April through June, the Commerce Department said Thursday. That was more than the 1.4% rate during the first quarter, and well above the 2.1% rate economists had expected before the report.
Household spending, the main driver of the U.S. economy, increased at a 2.3% rate in the second quarter, picking up from 1.5% in the first. Spending on goods increased while services spending moderated slightly.