Corporate investing, consumer spending spur big bounce in U.S. economy

The U.S. economic engine shifted into a higher gear in the second quarter.

Thanks to corporate investing and consumer spending, the nation’s economy accelerated in the second quarter at its fastest pace since the end of 2011.

Gross domestic product grew at a revised 4.6%, up from an initial estimate of 4.2%, the Commerce Department said Friday. This followed a 2.1% decline in the first three months of the year.

“The data signal an even stronger rebound from the decline seen in the first quarter, when extreme weather battered many parts of the economy,” said Chris Williamson, chief economist of financial information firm Markit.

The U.S. economic engine shifted into a higher gear in the second quarter.

Thanks to corporate investing and consumer spending, the nation’s economy accelerated in the second quarter at its fastest pace since the end of 2011.

Gross domestic product grew at a revised 4.6%, up from an initial estimate of 4.2%, the Commerce Department said Friday. This followed a 2.1% decline in the first three months of the year.

“The data signal an even stronger rebound from the decline seen in the first quarter, when extreme weather battered many parts of the economy,” said Chris Williamson, chief economist of financial information firm Markit.