The economy expanded at an annual rate of 4 percent in the second quarter, the strongest pace in more than a year and significantly higher than the 3.4 percent rate the government initially estimated a month ago, according to the Commerce Department. The 4 percent rate marked a huge jump from the 0.6 percent pace in the first three months of the year, reported the Associated Press.

The gross domestic product, considered the broadest measure of economic health, was aided by improvements in international trade and business investment, which offset a slumping housing market. However analysts worry that turmoil in the financial markets could slow economic activity in the second half of the year.

Excluding food and energy, the GDP rose by 2 percent in the second quarter. Consumer spending grew at an annual rate of 1.4 percent, less than half of the first-quarter rate, while housing construction fell at an annual rate of 11.6 percent, its sixth straight decline.