Second quarter GDP gains speed on consumer spending
Fri, Jul 31, 2015 - 5:50 AM
Households used some of the windfall from cheaper petrol in late 2014 and early this year to go shopping. The strengthening labour market also encouraged consumers to loosen their purse strings.
US economic growth accelerated in the second quarter as a pick-up in consumer spending offset the drag from soft business spending on equipment, suggesting a steady momentum that could bring the Federal Reserve closer to hiking interest rates this year.