July 28 (UPI) -- The U.S. economy grew at a brisk 2.6 percent in the second quarter of 2017, the Commerce Department said Friday.
The figure roughly equals economists' forecasts for the three-month period.
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Shoppers crowd Herald Square in New York City outside the flagship Macy's department store on Black Friday last year. Consumers didn't wait until the traditional shopping season to open their wallets in 2017, with consumer spending pushing solid 2.6 percent economic growth, the Commerce Department said. File Photo by John Angelillo/UPI | License Photo
At the same time, the growth estimate from the first quarter was revised downward, to a sluggish 1.2 percent, meaning growth more than doubled from one quarter to the next.
The Commerce Department said the economic gains came thanks in large part to a surge in consumer spending and spending by state and local governments.
Despite the economic upswing, the rates of both personal income and personal savings slowed in the second quarter as compared to the first three months of the year.
