U.S. second-quarter GDP gains speed on consumer spending

July 30, 2015 12:32 PM

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U.S. second-quarter GDP gains speed on consumer spending

WASHINGTON U.S. economic growth accelerated in the second quarter as a pick-up in consumer spending offset the drag from soft business spending on equipment, suggesting a steady momentum that could bring the Federal Reserve closer to hiking interest rates this year.

Gross domestic product expanded at a 2.3 percent annual rate, the Commerce Department said on Thursday. First-quarter GDP, previously reported to have shrunk at a 0.2 percent pace, was revised up to show it rising at a 0.6 percent rate.

Also read: U.S. economy creates 178,000 jobs in November; jobless rate drops to 4.6%

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