US economic growth hits 4-year high in Q2

The US economy grew at 4.2 percent in Q2 2018 (April-June), the fastest rate in nearly four years, buoyed by strong business investment.

According to the data issued by the US Commerce Department on Wednesday, GDP clocked a growth rate of 4.2 percent, higher than the 4.1 percent forecasted by the department last month.

Consumer spending rebounded from Q1 and was the biggest contributor to growth.

In a related development, US consumer confidence also rose in August to the highest level in nearly 18 years. According to a report issued by The Conference Board on Tuesday, the consumer confidence index rose to 133.4 in August, up from a reading 127.9 in July.