US GDP growth revised up to 3.9%
by Katie Allen from on (#NJ6X)
New estimate fuels expectations Federal Reserve will raise interest rates in 2015
The US economy grew faster than previously thought in the second quarter of the year, according to new figures that have fanned expectations that the Federal Reserve will raise interest rates before the end of 2015.
Government data suggested the world's biggest economy grew at an annual pace of 3.9% between April and June, exceeding economists' expectations for the GDP estimate to stay unchanged at 3.7%. It marked an even stronger bounceback from the sluggish 0.6% growth recorded in the opening months of 2015 when an especially harsh winter hit economic activity.
