US growth boost for exporters

Published on 30/08/2012 02:12

The world’s biggest economy grew at a sharper pace than previously thought in the second quarter, raising hopes for flagging European exporters.

Revised figures yesterday showed that the US economy expanded at an annualised pace of 1.7 per cent from April to June, more than the 1.5 per cent previously estimated. However, it is a slowdown from the 2 per cent gain recorded in the opening three months of the year.

Market reaction was muted ahead of tomorrow’s key speech from Federal Reserve chairman Ben Bernanke in Wyoming.

European Central Bank president Mario Draghi is not attending the event, working instead on a bond-buying scheme to stop the rot in the eurozone.