Washington — The US economy grew faster than initially thought in the second quarter, notching up its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter. GDP increased at a 3.0% annual rate in the April to June period, the US commerce department said in its second estimate on Wednesday. The upward revision from the 2.6% pace reported last month reflected robust consumer spending as well as strong business investment. Growth last quarter was the strongest since the first quarter of 2015 and followed a 1.2% pace in the January to March period. Economists polled by Reuters had expected that second-quarter GDP growth would be raised to a 2.7% rate. Retail sales and business spending data so far suggest the economy maintained its stamina early in the third quarter. Strong growth and a labour market that is near full employment support views that the Federal Reserve will lay out a plan to start unwinding its $4.2-tri...
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