The U.S. economy rebounded strongly in the second quarter this year, advancing at a 4.0% seasonally adjusted annual rate and raising hopes for sustained growth going forward. Consumer spending and inventory buildup led the gains, and offset a drag from higher imports. Economists called the report “encouraging,” but also noted the first half of 2014 only expanded around 1%. Following a harsh winter, the American economy rebounded much faster than expected in the spring and had more underlying strength in earlier quarters than previously thought, upping the odds of 3% or better growth in the second half of the year. ... (full story)