2nd-Quarter GNP Growth Revised Upward to 2.5% Rate
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WASHINGTON — The U.S. economy, bolstered by a reviving manufacturing sector, grew at an annual rate of 2.5% in the April-June quarter, slightly faster than previously thought, the government reported today.
The Commerce Department said the strength in the gross national product, the broadest measure of economic health, came from a big turnaround in business investment and the best showing for U.S. exports in seven years.
Exports climbed 17.9%, the biggest quarterly improvement since the first quarter of 1980.
Businesses, spurred by higher export sales, boosted their spending by an annual rate of 11.7% in the second quarter, the biggest burst of investment spending in two years.
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