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By Paul Davidson,, Aug 27, 2015 USA Today
The nation's gross domestic product expanded at a seasonally adjusted annual rate of 3.7% in the April-June period, the Commerce Department said Thursday, above the 2.3% initially estimated. Economists surveyed by Bloomberg expected a revision to 3.2% growth.
The surge was partly a rebound from meager 0.6% growth in a first quarter hampered by harsh winter weather and a West Coast ports slowdown.
But in an encouraging sign, business investment increased a solid 4.1% and added significantly to growth in the quarter. The government previously thought business spending declined and was a drag on the economy. In recent months, a strong dollar and low oil prices have hurt U.S. exports and energy company investment but economists have anticipated a rebound.
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