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1st LD: U.S. economy expands at 2.3 pct rate in Q2

Xinhua, July 30, 2015 Adjust font size:

The U.S. economy expanded at an annual rate of 2.3 percent in the second quarter, a moderate bounce from the revised 0.6 percent increase in the first quarter, the Commerce Department said Thursday.

The growth in the second quarter was lower than the market expectation of over 2.5 percent.

The Commerce Department said the acceleration in GDP growth in the quarter reflected an upturn in exports, stronger consumer spending and stronger state and local government spending, while weaker business investment and federal government spending have restricted the growth in the quarter.

It also said that the economy grew at a 0.6 percent rate in the first quarter, an upward revision from a previously reported 0.2 percent contraction. Endi