WASHINGTON (MarketWatch) — The U.S. economy expanded somewhat faster in the second quarter than originally reported because of higher consumer spending and slower growth in imports, the government said Wednesday.
Gross domestic product increased at a 1.7% rate in the April-to-June period, up from a first read of 1.5%, the Commerce Department said. GDP — the value of all goods and services produced in the U.S. — is the broadest measure of an economy’s health.
The economy’s current level of growth, however, still falls well short of what’s needed to dramatically lower the nation’s high unemployment rate and eliminate the lingering threat of another recession.
The U.S. has grown at below-average rates since exiting the last recession in mid-2009, held back mainly by poor job growth. The nation’s unemployment rate has hovered above 8% for 42 straight months, marking the longest period of prolonged labor-market weakness since the Great Depression.