Washington, DC - The US economy in the second quarter grew even faster than initially estimated, according to a Commerce Department report released Wednesday.
Gross domestic product, the value of every good and service produced domestically, rose at an annual rate of 4.2%, the Commerce Department said, its fastest growth since the third quarter of 2014. The advance estimate released in July had penciled in growth at 4.1%.
Wednesday’s upward revision, based on more complete data, showed that business investment and inventories contributed more to growth than previously thought.
The April-to-June period was the first full quarter with the tax cuts signed by President Donald Trump in effect.