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U.S. economic growth slips to 2.4 percent in second quarter

07-30-2010 21:17 BJT

WASHINGTON, July 30 (Xinhua) -- U.S. economy grew at an annual rate of 2.4 percent in the second quarter of 2010, slower than the previous two quarters, according to the preliminary estimate released by the Commerce Department on Friday.

This represented a further slowdown in economic growth compared with a remarkable 5.6 percent surge in the fourth quarter of 2009 and a newly-revised 3.7 percent rise in the first quarter of 2010. Economists had expected a 2.5 percent rise in the three months that ended in June.

The U.S. government usually releases three estimates of the quarterly Gross Domestic Product (GDP) -- the output of goods and services produced by labor and property located in the United States.

Personal consumption expenditures, which account for about 70 percent of the overall economy, rose 1.6 percent in the second quarter, compared with an increase of 1.9 percent in the first.

 

Editor:Zhang Pengfei |Source: Xinhua

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