America's economy just recorded its fastest growth in 2 years

The U.S. economy recorded its fastest pace of expansion in two years, growing at a 3.1 percent annual rate in the second quarter, The Associated Press reports. "We're focused on growth," Treasury Secretary Steven Mnuchin told Fox Business. "We think the 3 percent GDP is a very moderate aspiration and we can do higher than that."

The revised numbers for the economy's output of goods and services between April and June slightly exceeds the 3 percent estimate made a month ago, and shows improvement since the 1.2 percent rate in the January-March period, Fox Business reports. "Still, economists believe growth this year will not breach President Donald Trump's ambitious 3.0 percent target," The New York Times writes.

But even as "economists believe growth has slowed again to around 2 percent in the current quarter," AP writes, the economy could get a boost in early 2018 from rebuilding projects stemming from hurricane damage.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up