Bloomberg said GDP rose at a 4.2% annualized rate, up from an initial estimate of 4% and following a first-quarter contraction, the Commerce Department reported. The economy shrank at a 2.1% pace from January through March.

Bloomberg noted that the GDP estimate is the second of three for the quarter, with the third release scheduled for late September when more information becomes available.

Bloomberg said recent data shows American factories are receiving more orders and employment is picking up. Better growth prospects and little sign of inflation signal Fed officials can wind down monthly asset purchases while keeping interest rates low.

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