The U.S. economy expanded at the fastest pace during the second quarter of this year since late 2011, a sign showing the world's largest economy is gaining growth momentum.
The U.S. Commerce Department on Friday for the third time revised up its estimate for the real gross domestic product (GDP) in Q2 to a growth of 4.6 percent, much higher than a contraction of 2.1 percent in Q1.
The agency had forecast a growth of 4 percent in Q2 and later revised it up to 4.2 percent.
Over the past four quarters ending at Q2 of 2014, the real GDP has risen 2.6 percent, faster than the 2 percent annualized pace observed over the period from Q2 of 2011 to Q2 of 2013, according to the Council of Economic Advisers.
The growth rates of consumer spending, business investment and exports have all picked up, and the state and local government spending has turned positive, after several years of steady cutbacks.
Real personal consumption expenditures increased by 2.5 percent in Q2, compared with an increase of 1.2 percent in Q1. Real non-residential fixed investment rose 9.7 percent, much higher than the 1.6 percent increase in Q1. Exports of goods and services advanced 11.1 percent, in contrast to a decrease of 9.2 percent in the previous quarter.
Economists also expect a strengthening of economy through the end of 2014 and into 2015.
David Dollar, a senior fellow at the Brookings' John L. Thornton China Center, told Xinhua on Friday that the growth momentum of the U.S. economy will likely continue for the rest of this year.
A separate report released on Friday also suggested the U.S. economy was regaining steam and the growth momentum was likely to continue in the third quarter.
U.S. consumer sentiment rose to a 14-month high in September as American's outlook for the overall economy improved, with the final reading of the consumer sentiment index in September edging up to 84.6 from 82.5 in August, according to the monthly Thomson Reuters/University of Michigan survey of consumers.
"Consumer confidence posted a healthy September gain due to more favorable prospects for the domestic economy as well as more favorable personal income expectations," the survey's director Richard Curtin said in a statement.
The improved economic outlook might fuel the debate on how long the Fed will keep interest rates near zero. The Federal Reserve policymakers have announced last week to keep interest rates near zero for a "considerable time."
Before raising interest rates, the Federal Reserve should wait until it has a lot of confidence that U.S. economic recovery can be sustained, Federal Reserve Bank of Chicago President Charles Evans said at a forum on Wednesday.
"We should be exceptionally patient in adjusting the stance of U.S monetary policy -- even to the point of allowing a modest overshooting of our inflation target to appropriately balance the risks to our policy objectives," Evans said.
The country's unemployment rate edged down to 6.1 percent in August from 6.2 percent in July, indicating that the job market was improving. Yet the price index for personal consumption expenditures, an inflation measure, rose 1.6 percent year on year in July, below the Fed's target of 2 percent./.