News

U.S. economy grew at brisk 4.2 percent in second quarter

U.S. economy grew at brisk 4.2 percent in second quarter

ECONOMY: In this Aug. 7 photo a worker assembles construction supplies at Northeast Building Products in Philadelphia. The Commerce Department's second estimate of growth for last quarter compares with its initial estimate of 4 percent. The revision reflected stronger business investment in new equipment and structures than first thought. Photo: Associated Press/Matt Rourke

MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON (AP) — After a bleak start to the year, the U.S. economy rebounded vigorously in the April-June quarter, growing at a brisk annual rate of 4.2 percent, slightly faster than first estimated.

The upward revision supported expectations that the second half of 2014 will prove far stronger than the first half.

The Commerce Department’s second estimate of growth for last quarter compares with its initial estimate of 4 percent.

The revision reflected stronger business investment in new equipment and structures than first thought.

The seasonally adjusted 4.2 percent annual growth rate for the gross domestic product came after the economy had shrink at an annual rate of 2.1 percent in the January-March quarter, the biggest drop in activity since the depths of the Great Recession.

Latest Headlines

in Local

Democrat Cain Skipping 2nd District Debate

Fresh
GENERIC VOTE

PORTLAND, Maine (AP) _ A Maine television station has canceled a debate in the race for the 2nd Congressional District seat after Democrat Emily Cain said she wouldn't attend.

in Local

Maine Agency Approves Poland Springs Water Deal

Newsradio WGAN

FRYEBURG, Maine (AP) _ The Maine Public Utilities Commission says Fryeburg Water Co. can enter into a long-term contract to sell water to Nestle Waters, bottler of Poland Springs.

in Local

Pot Activist, Maine Police Chief Debate Marijuana

GENERIC MARIJUANA SMOKER LARGE

SOUTH PORTLAND, Maine (AP) _ A pro-marijuana activist and a Maine police chief sparred in a debate about referendums that would legalize recreational use of the drug in two cities.

in Local

Heavy Rains, Wind Continuing in Maine

RAIN

PORTLAND, Maine (AP) _ The worst of a powerful storm that's been moving across Maine will soon draw to a close but not before causing more heavy rain.

in Local

Maine Students Pick LePage in Mock Election

GENERIC VOTING

Students from 130 Maine schools want to give Gov. Paul LePage another four years in the Blaine House.