View Full Version : Economy rebounds in 2Q

08-28-2008, 01:50 PM
Economy rebounds in 2Q, mostly spurred by exports (http://news.yahoo.com/s/ap/20080828/ap_on_bi_go_ec_fi/economy)

By JEANNINE AVERSA, AP Economics Writer 32 minutes ago

WASHINGTON - The economy shifted to a higher gear in the spring, growing at its fastest pace in nearly a year as foreign buyers snapped up U.S. exports and tax rebates spurred shoppers at home.

The Commerce Department reported Thursday that gross domestic product, or GDP, increased at a 3.3 percent annual rate in the April-June quarter. The revised reading was much better than the government's initial estimate of a 1.9 percent pace and exceeded economists' expectations for a 2.7 percent growth rate.