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US GDP expands at 2.3% clip

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US GDP expands at 2.3% clip

“Moderate” growth misses expectations.

The Department of Commerce reported today that US Gross Domestic Product grew at an annualized rate of 2.3% in the second quarter.  In addition, first quarter growth was revised upwards from -0.2% to 0.6% due to adjustments made in GDP calculations.

Analysts had expected a growth rate of 2.6%.

The main driver of growth was increased consumer spending, which grew at a 2.9% rate compared the Q1’s 1.8% revised figure.

 

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