BUSINESS

U.S. Economy Grew 4.6 Percent In Second Quarter

Automated guided vehicles (AGV) transport shipping containers as gantry cranes operate on the dock at the Euromax Terminal in
Automated guided vehicles (AGV) transport shipping containers as gantry cranes operate on the dock at the Euromax Terminal in the Port of Rotterdam in Rotterdam, Netherlands, on Wednesday, Aug. 6, 2014. Russia plans to ban the import of all U.S. agricultural products, including poultry, as well as all fruit and vegetable imports from the European Union, according to a report in RIA Novosti citing Alexey Alekseenko, spokesman for Russian food safety watchdog Rosselkhoznadzor. Photographer: Jasper Juinen/Bloomberg via Getty Images

The U.S. economy grew at a rate of 4.6 percent in the second quarter, according to gross domestic product numbers released Friday morning by the Bureau of Economic Analysis.

It represents the fastest rate of growth since the last three months of 2011 as companies increased investments and households spent more, Bloomberg reported.

The figure, up from 2.5 percent growth in the same period last year, was revised up from a previous estimate of 4.2 percent in August.

Spending on personal consumption increased 2.5 percent in the second quarter, up from 1.2 percent in the first. Durable goods, such as cars, homes and electronics jumped 14.1 percent, compared with an increase of 3.2 percent in the last quarter. Consumable goods, such as food and water, remained flat at 2.2 percent.

The outlier was services -- such as gym memberships or daycare -- which increased 0.9 percent, down from 1.3 percent in the first quarter.

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