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U.S. Economy Increases By 2.8 Pct In 2nd Quarter

The U.S. Economy Grew At A Seasonally Adjusted 2.8 Percent Annual Rate In The Second Quarter Of This Year, less Energetic Than Previously Reported 3.3 Percent Increase, the Commerce Department Said Friday.

The Increase In Real GDP In The Second Quarter Primarily Reflected Positive Contributions From Exports, personal Consumption Expenditures (PCE) , nonresidential Structures And Government Spending, said The Department While Releasing The Report.

GDP Measures The Value Of All Goods And Services Produced Within The United States.

In The April-to-June Period, consumer Spending, which Accounts For Two Thirds Of Overall Economic Activity, rose At An Annual Rate Of 1.2 Percent Due To The Economic Stimulus Package, up From A 0.9 Percent Growth Rate In The Previous Quarter.

The Main Drive On Growth Was The Export Sector, which Surged 12.3 Percent Instead Of 13.2 Percent As Reported Originally Due To The Weak Dollar.

But Many Economists Believe The Pace Will Not Continue For The Consumer Spending Is Sluggish, while Some Economists Say The Economy Might Fall Into A Possible Recession Later This Year.

GDP Increased By 0.9 Percent In The First Quarter, but Actually Declined By 0.2 Percent In The Final Quarter Of Last Year.

The Fourth-quarter's Drop Marked The Worst Showing Since The Third Quarter Of 2001, when The Economy Was Last In A Recession. A Recession Is Typically Marked By Two Straight Quarters Of Negative Economic Growth.


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