GDP increases 2.6% in Q2 as spending jumps

Washington

THE US economy gathered speed in the second quarter, more than doubling the growth pace of the first three months of the year as consumer and defence spending accelerated, according to data released on Friday.

Gross domestic product (GDP) increased 2.6 per cent in the April-June period, compared to 1.2 per cent in the first quarter, the Commerce Department reported.