The economy picks up steam in the second quarter compared to the sluggish start of 2017

The U.S. economic expansion turned eight years old in June, and is showing no signs of slowing down. After a sluggish first quarter during which real gross domestic product (GDP) grew at a 1.4% annual rate, the U.S. economy gained momentum during the second quarter of 2017. Current estimates suggest GDP growth doubled to an annual rate of approximately 3.0% in the second quarter as consumer spending and business investment accelerated from the first quarter’s slow pace.