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Moody's Corporation

GDP grew at 2.3% rate in 2nd quarter; 1st-quarter growth revised upward

GDP grew at 2.3% rate in 2nd quarter; 1st-quarter growth revised upward

The economy rebounded in the second quarter after a winter slowdown that was less severe than previously estimated, returning to the modest growth that has marked the slow recovery from the Great Recession. Total economic output, also known as gross domestic product, increased at a 2.3% annual rate from April through June, the Commerce Department said Thursday. The figure — the first of three estimates by the government — fell short of economists' forecasts of 2.9% annualized growth. But that was partly offset by new data showing the economy did not contract in the first quarter as originally reported. Taken together, the growth in the first half of the year probably...

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