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WASHINGTON (AP) — It turns out the economy has recovered even more quickly than had been thought, following a dismal winter. According to the Commerce Department, second-quarter growth was measured at a 4.6 percent annual rate. That's the fastest pace in more than two years, and higher than the previous estimate of 4.2 percent.
The upward revision reflected stronger-than-expected business investment and exports from April to June.
As the third quarter nears an end, economists see a strengthening economy through the end of the year and into 2015. Many think the growth rate in the current quarter is around 3 percent.
Sal Guatieri, senior economist at BMO Capital Markets, is slightly more optimistic than most. He says a brighter outlook for business investment spending and other good economic reports have led him to revise his GDP forecast to 3.2 percent growth in the current quarter. As he sees it, the economy is "firing on virtually all cylinders."
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167-a-10-(Hugh Johnson, chairman and chief investment officer, Hugh Johnson Advisors, in AP interview)-"weak first quarter"-Economist Hugh Johnson says the 2nd-quarter economic growth rate of 4.6 percent is very impressive. (26 Sep 2014)
<<CUT *167 (09/26/14)££ 00:10 "weak first quarter"
169-a-12-(Hugh Johnson, chairman and chief investment officer, Hugh Johnson Advisors, in AP interview)-"the biggest growth"-Economist Hugh Johnson says the upward revision in economic growth reflects improvements in business investment and exports. ((longer version of cut in wrap)) (26 Sep 2014)
<<CUT *169 (09/26/14)££ 00:12 "the biggest growth"
APPHOTO GFX3610: Graphic shows quarterly annualized rate of economic growth.; (26 Sep 2014)
<<APPHOTO GFX3610 (09/26/14)££
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