Great News This Morning: The Economy Grew at a 4 Percent Rate Last Quarter

Moneybox
A blog about business and economics.
July 30 2014 9:54 AM

Great News This Morning: The Economy Grew at a 4 Percent Rate Last Quarter

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Springtime for GDP.

Photo by Christopher Furlong/Getty Images

It looks like the economy got the spring awakening we were all hoping for. After contracting during the winter, U.S. gross domestic product grew at a 4 percent annual pace from April through June, according to the Commerce Department. Overall, it has expanded at about a 1 percent rate during the first six months of the year.*

These are preliminary numbers that will be revised. But they seem to confirm that our first-quarter economic shrinkage was indeed a fluke, in part due to the freakishly bad weather. The Wall Street Journal notes that, with revisions, the economy grew at a 4 percent rate during the back half of 2013, making it “the best six-month stretch in 10 years.” We’re not exactly on a roll yet, but there’s some pretty good reasons to be optimistic.

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*Correction, July 31, 2014: This post originally misstated that the economy grew by about 1 percent during the first half of 2014. It grew at a rate of about 1 percent.  

Jordan Weissmann is Slate's senior business and economics correspondent.

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