US economic growth rebounded during the second quarter of the year to its strongest pace since the beginning of last year. The reason was a surge in business investment, more government spending and rising exports. The 3.4% annual pace of GDP expansion was the most in more than a year. The last time it was better was the 4.8% rise in the first three months of last year. And it contrasts with the first three months of this year which was an anaemic 0.6%.
President George W Bush said that should reassure the American people: “Inherent net grow is (part of) a free enterprise system, people are working, the unemployment rate is down, wages are increasing, and so I want the American people to take a good look at this economy of ours.”