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Q2 GDP rebounds with a vengeance

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Q2 GDP rebounds with a vengeance

Advance estimate comes in at a 4.0% annualized growth rate.

US estimated real gross domestic product increased at an annual rate of 4.0% in the second quarter, according to a Commerce Department report issued today.  

Analysts had expected a 3.0% growth rate.

The increase in GDP primarily reflected positive contributions from personal spending, increases in inventory, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

The results come as good news for those worried about an overall contraction in the first six months of the year.  Q1 growth came in negative, contracting at an annual rate of 2.9%. 

The full report can be found here.

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