The U.S. economy grew a little faster in the second quarter than previously estimated, with the Commerce Department lifting its growth-rate projection to 6.6 percent. U.S. gross domestic product (GDP) grew 0.1 percentage point faster in the second quarter than the Commerce Department’s earlier estimate of 6.5 percent, the government agency said in a statement on Aug. 26, with the routine revision driven by the availability of more complete source data. The robust rate of growth reflected continued reopening of businesses and lifting of restrictions in the period, further buoyed by a sharp increase in Paycheck Protection Program loans to businesses and grants to state and local governments, the department said. An increase in consumer spending, which accounts for around two-thirds of economic output, was also a factor. The strong second-quarter expansion followed a solid 6.3 percent annualized growth rate in the first quarter. While economic output has now fully rebounded …
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