Us Economy Grew At Tepid 1.1 Percent Pace In Spring

WASHINGTON (AP) — The U.S. economy expanded at a sluggish 1.1 percent pace this spring as businesses sharply reduced their stockpiles of goods and spent less on new buildings and equipment. Consumers offset the corporate cutbacks by spending at the fastest pace in six quarters, Commerce said Friday. Stock markets gyrated amid signs that China's economy, the second-largest in the world, was slowing. State and local governments scaled back their spending on new buildings more than previously estimated and imports rose, rather than fell, in the April-June quarter. Home building and renovations weighed on the economy in the second quarter, but sales and construction of new homes has been healthy in recent months.

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