July 30 (Bloomberg) — Gains in consumer spending and business investment helped the U.S. economy rebound more than forecast in the second quarter following a slump in the prior three months that was smaller than previously estimated.

Gross domestic product rose at a 4 percent annualized rate, the most since the third quarter of 2013, after shrinking 2.1 percent from January through March, Commerce Department figures showed today in Washington. The median forecast of 80 economists surveyed by Bloomberg called for a 3 percent advance. Consumer spending, the biggest part of the economy, rose 2.5 percent, reflecting the biggest gain in purchases of durable goods such as autos in almost five years.

Manufacturers such as Whirlpool Corp. project sales will keep improving in the second half of 2014 as increasing employment lifts consumer confidence and spending. The pickup in growth, as the expansion enters its sixth year, is among reasons Federal Reserve officials meeting today may continue to pare monthly asset purchases while keeping interest rates low.