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US growth revised upwards


economy

US growth revised upwards

Latest figures from the Commerce Department the US economy growing faster than previously thought.

Despite the the jitters over China this week and subsequent falling stock markets, the GDP report paints a picture of a United States in relatively good shape

From growth of just 0.6 percent in the first quarter the department has revised its estimate for the 2nd quarter from 2.3 percent to 3.7 percent.

The woes in China, which could weaken US exports, had made a predicted interest rate hike by the Federal Reserve in September less likely.

But it these latest figures are taken on board there could still be scope for a rise.

Low unemployment, cheap fuel and house prices are all helping to prop up consumer spending.

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