US beats expectations in Q2

The upturn was attributed to strong US exports, aided by the weak dollar, and $600 government tax rebate payments which gave a boost to consumer spending. Exports grew at an annualised rate of 13.2%, higher than the government's initial estimate of 9.2% and consumer spending was up 1.7% compared to 1.5% in Q1. The growth figures for Q2 compared favourably to Q1 when GDP grew at a rate of 0.9%. This followed a 0.2% contraction in the last three months of 2007. IFAonline