The US economy rose by an annualised rate of 2.8% in the second quarter, marking the largest quarterly increase this year.
According to figures released by the Bureau of Economic Analysis on Thursday (25 July), the 2.8% gross domestic product growth in the three months to the end of June was double than the 1.4% recorded in the first quarter. The acceleration in GDP quarterly figures came on the back of rising consumer spending, private inventory investment, and non-residential fixed investment. The BEA said the movements in GDP growth were partly offset by a downturn in residential fixed income. Meanwhile, current-dollar GDP rose by 5.2% at an annual rate, reaching a total of $28.63trn in the second quar...
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