Second-quarter GDP revised upward
The government says the US economy expanded more than previously estimated.
By Shanthi Venkataraman, TheStreet
The U.S. economy grew at an annual rate of 1.7% in the second quarter, the government said Thursday.
The report was the Commerce Department's third estimate of gross-domestic-product growth and was slightly higher than its previous estimate of 1.6%. The consensus expected the final estimate to remain unchanged.
In the first quarter, GDP grew 3.7%. Growth materially slowed in the second quarter on the back of accelerating imports and a slowdown in private inventory investment, causing the government to revise its advance estimate for second-quarter GDP from 2.4% to 1.6%.
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[BRIEFING.COM] Equity indices settled on their lows following a steady, session-long slide. Similar to yesterday, small-caps paced the retreat as the Russell 2000 fell 1.6%, extending its December loss to 3.6%. The S&P 500 settled lower by 1.1%, widening its month-to-date decline to 1.3%.
There was no specific news catalyst behind today's slide, which had the markings of broad-based profit-taking. Seven of ten sectors settled with losses of 1.0% or more while only two groups ... More
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