There was good news for the US economy on Thursday as predicted GDP for the second quarter this year increased at an annual rate of 2.3 percent.<br /><br /> The “advance” estimate from the Bureau of Economic Analysis also revised the first quarter figure from a slight decrease to a slight increase of 0.6 percent.<br /><br /> The Bureau said the increase in the second quarter reflected positive contributions from personal<br />consumption, exports, state and local government spending, and residential fixed investment <br /><br /> The Federal Reserve statement from Wednesday backs up the positive outlook, stating that the US economy and job market are continuing to strengthen. <br /><br /> The development allows for the possibility on an interest rate rise when central bank policymakers next meet in September. <br /><br /> The Fed’s latest statement noted that the economy had overcome a first quarter slow down and was “expanding moderately”.<br /><br /> After the Fed statement US stocks rose and the dollar was stronger against a basket of currencies.
