U.S. Economy rebounding more rapidly reported

The U.S. economy rebounded more rapidly than initially reported, according to a revised U.S. Department of Commerce report.

USA Today reports gross domestic product grew by 4.2 percent in the second quarter - better than the 4 percent annual pace first reported by the Commerce Department.

Much of the higher revised estimate was based on stronger business investment growth of 8.4 percent, up significantly from an initial 5.5 percent rate. Equipment spending and exports also climbed at double-digit rates: 10.7 and 10.1 percent, respectively.

But businesses stockpiled inventory at a slower rate than originally estimated. Product replenishment added 1.4 percentage points rather than the initially estimated 1.66.

Morris Hagerman is a local real estate agent with Real Estate One in Royal Oak, Michigan.  He serves Berkley and the other Woodward 5 communities, including Ferndale, Pleasant Ridge, Royal Oak and Huntington Woods.  Hagerman is also a member of the Berkley/Huntington Woods Area Chamber of Commerce.  You can contact him by phone at 248-854-8440, email at morrishagermanproperties@gmail.com or visit his web page.