US Economic Growth Reaccelerated in the Second Quarter, GDP Figures Show [Video]

The U.S. economy is steaming ahead faster than economists had thought.

The Gross Domestic Product (GDP), a measure of the nation’s economic output, grew at an annualized rate of 2.8% in the second quarter, double the 1.4% rate of the first quarter, the Bureau of Economic Analysis said Thursday. That was well above the 2.1% rate that forecasters had expected, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal.

Increased spending by consumers, increased investments by businesses, and an uptick in government spending all helped power the surge.

Consumer spending grew at a 2.3% rate, up from 1.5% in the first quarter, while non-residential business investment rose 5.2%, up from 4.4%. Government spending grew at a 3.1% rate compared to 1.8% the previous quarter.

Those increases more than offset one weak spot of the report, a 1.4% decline in residential investment, down from 16% growth in the first quarter, reflecting the …

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