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GDP Rose 2.4% In Q2; Surprising Data Signal Economy Is Heating Up; Defense Outlays Up 44.1%; Add falling jobless claims, strong Midwest factories to day's upbeat reports.(A)
Byline: CHRISTINA WISE
A flurry of economic data out Thursday offered more hope the recovery may be kicking into gear.
The nation's gross domestic product grew at a 2.4% annual rate in the second quarter, the best gain since the third quarter of '02, the Commerce Department said. That topped the first quarter's 1.4% and breezed past economists' 1.5% consensus estimate.
Along with better than expected jobless claims and Midwest manufacturing data, the economic picture is improving.
"It's encouraging news," said Gary Thayer, chief economist with A.G. Edwards. "It's one of these periods where there was a lot of concern, but the economy held in pretty well during the second quarter.
"Consumer spending was good, and even capital spending on equipment and software turned upward. So it looks like things are well poised for growth in the second half of the year."
Final domestic demand rose at a 4.6% pace during the quarter, the biggest gain in more than three years. Consumer spending grew 3.3%, its second straight gain.
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