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U.S. GDP grows a weak 1.2 percent in second quarter

WASHINGTON — Growth in the U.S. economy was sluggish again in the spring, dashing expectations for a robust rebound after a tough winter. Stronger consumer spending was offset by weakness in housing construction and a big slowdown in the pace that businesses restocked store shelves.

The Commerce Department says that the gross domestic product — the broadest measure of the economy — grew at a 1.2 percent annual rate in the April-June quarter. That was far below the 2.6 percent GDP growth rate that economists had been forecasting.

The government also revised down its estimate of first-quarter growth to 0.8 percent from 1.1 percent. The economy has now grown at lackluster rates for three straight quarters.

U.S. GDP grows a weak 1.2 percent in second quarter 07/29/16 [Last modified: Friday, July 29, 2016 8:47am]
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