US economy surged at 3.7 percent rate in April-June quarter

Source: AP

WASHINGTON (AP) — The U.S. economy posted a much bigger rebound in growth during the spring than previously reported, thanks to improvements in a number of areas including consumer spending and business investment.

The economy expanded at an annual rate of 3.7 percent in the April-June quarter, more than a percentage point greater than the 2.3 percent originally estimated, the Commerce Department reported Thursday.

It was the strongest growth since last summer and marked a sharp improvement from the anemic 0.6 percent advance during the January-March quarter when a harsh winter sapped activity.

Analysts believe growth has slowed a bit in the current quarter to around 2.5 percent. Some have expressed concern that shrinking global stock markets and a sharp slowdown in China will further weaken the economy in coming months.

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FILE - In this July 9, 2015 file photo, workers harvest early apples at Samascott Orchards in Kinderhook, N.Y. The Commerce Department releases second-quarter gross domestic product on Thursday, Aug. 27, 2015. (AP Photo/Mike Groll, File)

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