Washington
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The US economy’s rebound in the second quarter was stronger than previously reported, due to shoppers who stepped up their spending regardless of jitters over President Donald Trump’s commerce warfare.
Gross home product, which measures all the items and providers produced in the economic system, registered an annualized fee of three.3% from April by means of June, the Commerce Department stated in its second estimate launched Thursday. That’s up from the 3% fee in the first estimate.
The newest GDP estimate reveals that the economic system nonetheless rebounded sharply from the 0.5% decline in the first quarter. GDP is adjusted for seasonal swings and inflation.
While the economy’s development in the second quarter could be largely attributed to commerce swings and shoppers, a glance below the hood reveals that underlying momentum is sputtering.
This is a creating story and will likely be up to date.