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US economy grows by 4% beating expectations US economy grows by 4% beating expectations
(35 minutes later)
The US economy grew at an annual rate of 4% during the April to June period, latest figures released by the US Department of Commerce have shown.The US economy grew at an annual rate of 4% during the April to June period, latest figures released by the US Department of Commerce have shown.
Consumer spending - which makes up over two-thirds of US economy activity - grew by a robust 2.5%.Consumer spending - which makes up over two-thirds of US economy activity - grew by a robust 2.5%.
Business spending increased by 14% as economic activity forced businesses to restock depleted inventories.Business spending increased by 14% as economic activity forced businesses to restock depleted inventories.
The growth during the second quarter reverses the contraction seen earlier in the year.The growth during the second quarter reverses the contraction seen earlier in the year.
From January to March, the US economy shrank 2.9% on an annualised basis as a result of harsh winter weather. From January to March, the US economy shrank a revised 2.1% on an annualised basis as a result of harsh winter weather.
However even with the rebound, the winter is likely to mean overall growth this year will be only 1.6% - less than in 2013.However even with the rebound, the winter is likely to mean overall growth this year will be only 1.6% - less than in 2013.
That could cause the Federal Reserve - which ends a two-day meeting on Wednesday - to continue to keep interest rates low for an extended period into 2015.That could cause the Federal Reserve - which ends a two-day meeting on Wednesday - to continue to keep interest rates low for an extended period into 2015.