After contracting in the 1st quarter, 2nd quarter GDP grew by an unexpectedly robust 4.0 percent. As CNBC reports:
Gross domestic product expanded at a 4.0 percent annual rate as activity picked up broadly after shrinking at a revised 2.1 percent pace in the first quarter, the Commerce Department said on Wednesday.
Good news. But, as the Wall Street Journal reports, this is not a powerhouse recovery:
But the figures also show that the economy grew at a slower pace than previously estimated during the three-year period that ended last year, expanding at an average annual rate of 2%, down from an earlier published estimate of 2.2%.
The U.S. economy remains stuck in second gear.