Economy Shows Resilience With Second Straight Solid Quarter
Photo: MashiroMomo (CC0)
WASHINGTON — Powered by businesses and consumers, the U.S. economy grew at a solid annual pace last quarter despite two devastating hurricanes — evidence of economic durability and all but assuring that the Federal Reserve will resume raising interest rates late this year.
Friday’s figures from the government marked the first time in three years that the economy has expanded at a 3 percent or more annual rate — historically, a normal pace for a healthy economy — for two straight quarters.
More than eight years since the Great Recession officially ended, the economy is still posting consistent gains — in the job market, in business investment, in consumer spending and corporate earnings. Unemployment is at a 16-year low. Companies are restocking. An improving global economy is boosting U.S. exports. Stock prices are rising in tandem with company profits.