Washington : Buoyed by strong growth in personal consumption, the US economy grew at an annual rate of 3.7 per cent in the second quarter, faster than previously estimated, reflecting a surge of growth of the American economy, the government said. The report comes as Federal Reserve policy makers debate whether growth is strong enough to withstand the first increase in the benchmark interest rate since 2006.
In the second quarter, the increase in GDP growth was led by a faster pace of personal consumption growth than in the first quarter and a shift from negative to positive net export growth.