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US economy revives in second quarter

US growth was boosted in the April-June period by higher consumer spending which accounts for about 70 percent of US economic activityThe US economy revived in the second quarter, shaking off its winter slumber as consumers flung open their wallets and exports rebounded, official data released Thursday showed. Gross domestic product expanded at an annual rate of 2.3 percent in the April-June period, the Commerce Department reported, slightly below the 2.5 percent consensus estimate. Most notably job growth is strong and broad-based, and wage increases are set to accelerate more significantly as the economy approaches full employment,” said Scott Hoyt of Moody’s Analytics.

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