U.S. Grew Faster Than First Estimated in Second Quarter

Man the lifeboats?  Not. The U.S. economy expanded more than previously estimated in the second quarter, reflecting an improvement in the trade deficit and a pickup in household spending on utilities, Businessweek reports.

Gross domestic product climbed at a 1.7 percent annual rate from April through June, up from an initial estimate of 1.5 percent, revised Commerce Department figures showed today in Washington. The figure followed a 2 percent first-quarter pace and matched the median estimate in a Bloomberg survey. The revised data also showed companies invested in new equipment at the weakest pace in almost three years.

A second straight quarter of slowing growth shows the world’s largest economy is having difficulty making headway as consumers stay frugal and looming tax changes prompt companies to limit investment..

Read all about it at http://www.businessweek.com/news/2012-08-29/u-dot-s-dot-grew-faster-than-first-estimated-in-second-quarter#r=bloomberg