US economy posts fastest growth in 2 years in Q2
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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