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US economy expands more than estimated | US economy expands more than estimated |
(about 1 hour later) | |
The US economy grew more than first estimated in the second quarter, according to official figures. | The US economy grew more than first estimated in the second quarter, according to official figures. |
The US grew at an annualised pace of 1.7% from April to June, more than the 1.5% previously estimated, the Commerce Department said. | The US grew at an annualised pace of 1.7% from April to June, more than the 1.5% previously estimated, the Commerce Department said. |
This is a slowdown from 2% in the first three months of the year. | This is a slowdown from 2% in the first three months of the year. |
The US Congress's budget office last week warned that spending cuts and tax rises could trigger a sharp economic slowdown in 2013. | The US Congress's budget office last week warned that spending cuts and tax rises could trigger a sharp economic slowdown in 2013. |
In its report, the CBO said it expected the US recovery "to continue at a modest pace" for the rest of 2012 but warned that "substantial changes to tax and spending policies" would cause the US to tip back into recession next year. | In its report, the CBO said it expected the US recovery "to continue at a modest pace" for the rest of 2012 but warned that "substantial changes to tax and spending policies" would cause the US to tip back into recession next year. |
The 1.7% annualised pace in the second quarter is equivalent to 0.43% quarter-on-quarter growth. That compares with 0.38% quarterly growth in the previous estimate. | The 1.7% annualised pace in the second quarter is equivalent to 0.43% quarter-on-quarter growth. That compares with 0.38% quarterly growth in the previous estimate. |
The unemployment rate is currently above 8%. | The unemployment rate is currently above 8%. |
The economy is shaping up to be one of the biggest issues of this year's US presidential election, which sees President Barack Obama take on Republican rival Mitt Romney. | The economy is shaping up to be one of the biggest issues of this year's US presidential election, which sees President Barack Obama take on Republican rival Mitt Romney. |
Federal Reserve chairman Ben Bernanke may offer further thoughts on the state of the economy when he gives a speech at the central bank's annual gathering in Jackson Hole, Wyoming, at the end of this week. | |
For the past two years, Mr Bernanke has used the event, a conference of the world's central bankers, to indicate the Fed's intentions. | |
The Fed has kept base interest rates at close to zero for nearly four years and pumped $2.3 trillion into the economy. |
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