US economy grew at faster pace in second quarter than previously estimated

World-s biggest economy, The US economy grew by 1.3% in the second quarter which was more than previously estimated growth rate of just 1%. The increase in growth was mainly due to strong export and consumer spending for the same quarter. The manufacturing sector which has posted a strong growth has also contributed to this better than expected growth.

Though the US economy grew more than estimated in the second quarter, the economic condition is still fragile because of lower business and economic activities.  The unemployment rate remained stand still at record high of 9.1% level which has further decreased the consumer confidence level in the third quarter. The current debt crisis in Europe and slower global growth is expected to affect US economic growth as well in the third quarter.