US GDP growth exceeds estimates in Q2
The expansion was mainly attributed to gains in consumer and business spending. In addition, gains in employment, increasing home prices as well as declining fuel costs are expected to continue to boost the economy in the second quarter of 2015.
Before-tax profits rose 2.4% in the second quarter, a decline of 0.5% on the year. Household consumption grew by 3.1% year over year, revised from an initial estimate of 2.9% following a gain of 1.8% in the first quarter. Meanwhile, the savings rate decreased to 4.8% from 5.2% in the previous quarter.
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