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US economy posts fastest growth in 2 years in Q2

by ChemOrbis Editorial Team -
  • 29/09/2017 (17:52)
According to media reports, the United States’ GDP (gross domestic product) grew at the fastest pace in nearly two years in the second quarter of 2017 year on year.

The growth in economy was at 3.1% in the April-June period, showing the quickest ratesince the first quarter of 2015, reaching President Donald Trump’s %3 percent target. This followed a 1.2% growth in the January-March period, defying the previous expectations for a growth of 3%. The growth in economy was attributed to rising consumer demand.

Consumer spending, which makes up nearly the 70% of the country’s economy, remained unrevised at 3.3% while wholesale and retail inventories jumped 1% and 0.7%, respectively.

However, analysts claim that the growth will slow down in the third quarter on the back of the impacts of Hurricane Harvey and Irma.
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