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US economy grew at 1.7 percent rate in 2nd quarter

The U.S. economy grew at a tepid 1.7 percent annual rate in the April-June quarter, suggesting growth will stay weak in the second half of the year. Slightly stronger consumer spending and greater exports were the main reasons the Commerce Department reported Wednesday that growth was better than its initial estimate of 1.5 percent. Still, growth has slowed from the 2 percent annual rate in the January-March quarter and the 4.1 percent rate in the fourth quarter of 2011.

 

Second-quarter growth revised down to 1 percent

The economy grew much slower than previously thought in the second quarter as business inventories and exports were less robust, a government report showed on Friday, although consumer spending was revised up.

 

U.S. economy shrinks, profits plunge in Q4

U.S. economy shrinks, profits plunge in Q4

The U.S. economy shrank at its fastest pace since 1982 in the fourth quarter and corporate profits plunged a record $120.1 billion, pulled down by falling consumer spending and exports, government data showed on Thursday.

 

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