U.S. 2Q GDP Growth Weaker Than Expected
Unfortunately, the just announced news out of Washington on our growth in gross domestic product (GDP) was dismally less than the predicted 1.9 percent (Commerce Department)). As reported by Fox Business News:
"The U.S. economy grew less than expected in the second quarter as consumer spending barely rose, and growth braked sharply in the prior quarter, a government report showed on Friday.
Growth in gross domestic product -- a measure of all goods and services produced within U.S. borders - rose at a 1.3 percent annual rate, the Commerce Department said. First-quarter output was sharply revised down to a 0.4 percent pace from 1.9 percent.
Economists had expected the economy to expand at a 1.8 percent rate in the second quarter.
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