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US Q2 GDP growth revised down to 2.1% annual rate from 2.4%
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The US economy expanded at a 2.1 per cent annual pace in the April-June quarter, compared to the initial estimate of 2.4 per cent, according to official revised estimates released on Wednesday, August 30. The US government had previously estimated that the economy expanded at a 2.4 per cent annual rate last quarter.
The US Commerce Department's second estimate of growth last quarter marked a slight acceleration from a 2 per cent annual growth rate from January through March. Though the US economy has been slowed by the US Federal Reserve's aggressive drive to tame inflation with interest rate hikes, it has managed to keep expanding, with employers still hiring and consumers still spending.
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