25 minutes ago WASHINGTON (Reuters) - The U.S. economy expanded at a stronger-than-first-reported 3.3 percent annual rate in the second quarter, as consumer spending and net exports were more robust than initially estimated and inventories fell less sharply, a government report showed on Thursday.Gross Domestic Product or GDP for the April-June period was first reported as growing at a 1.9 percent rate. Analysts polled by Reuters were expecting the annual rate to be revised to 2.7 percent.
GDP grew at a sluggish 0.9 percent rate in the first quarter after a 0.2 percent contraction in the final three months of 2007. The fourth quarter of last year was the weakest since July-September 2001, when the economy was in recession.
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