Economy Expands At A Surprising 3.8% Pace

WASHINGTON (AP) — The U.S. economy expanded at a surprising 3.8% from April through June in a dramatic upgrade of the government’s previous estimate of second-quarter growth. The Commerce Department said Thursday that U.S. gross domestic product — the nation’s output of goods and services — rebounded in the spring from a 0.6% first-quarter drop caused by fallout from President Donald Trump’s trade wars. The department had previously estimated second-quarter growth at 3.3%. The first-quarter GDP drop, the first retreat of the U.S. economy in three years, was mainly caused by a surge in imports as businesses hurried to bring in foreign goods before Trump could impose sweeping taxes on them.