US economy grew faster than expected during the second quarter

Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 2.8% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. 

That is much higher than the 2% increase forecast by LSEG economists and the 1.4% pace seen during the first quarter. 

This is a developing story. Please check back for updates.