The International Monetary Fund (IMF) also said on Thursday that it expected the US economy to grow at 2.1 percent this year and next, supported by solid consumption growth and a rebound in investment.
The US economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, confirming that the sluggish performance early in the year was temporary.
The faster pace of expansion was driven by 2.8 per cent annual growth in consumer spending, up from a 1.1 per cent rate of growth in the first quarter.
Blast near Pakistan Punjab CM's residence kills 25, injures 39
But the country was hit by a wave of attacks in February this year, including a bomb that killed 14 people in Lahore . The blast took place at the Ferozepur Road near the residence of Chief Minister Shahbaz Sharif , says Reuters .
Alongside the second-quarter GDP report, the government will publish revisions to data going back to 2014, including the first-quarter GDP estimate.
The economy also benefited far more modest inventory reductions, which was a big drag on first quarter growth. The Commerce Department will release its advance second-quarter GDP estimate on Friday at 8:30 a.m. EDT.
Despite the economic upswing, the rates of both personal income and personal savings slowed in the second quarter as compared to the first three months of the year.
The showing marked an improvement over the 1.2% growth pace recorded in the first quarter. Consumer spending rose 2.8%, and business spending went up 5.2%.
Martial law to be extended in Philippine's Mindanao
He added that most Filipinos recognize the seriousness of the situation in Mindanao and back Duterte's martial law proposals. Others anxious that the extension was too long and that the rest of the country may eventually be placed under martial rule.
Business investment in equipment rose at an 8.2 per cent pace, the most in nearly two years, signaling companies are optimistic about demand in the USA as well as in overseas markets. Economists had expected an increase of 0.2 per cent, according to Thomson Reuters. In total, gross private domestic investment added 0.34 percentage points to the headline number, with positives from nonresidential fixed investment outweighing weaknesses in residential and inventories numbers.
The dollar fell against a basket of currencies after the release of the data, while prices for U.S. government bonds rose.
Inflation eased. The price index for personal consumption expenditures-the Fed's preferred inflation gauge-rose at a rate of 0.3% in the second quarter.
Dennis Hastert out of federal prison
The Illinois Republican admitted to sexually abusing underage boys while he worked as a high school teacher and coach. Online records indicate Hastert is now under the supervision of a residential re-entry management office in Chicago.