US economy grows by 2.6% in second quarter

The US economy grew by 2.6% in the second quarter, according to Commerce Department figures.

The growth was mainly put down to a recovery in consumer spending, following a slow performance during the winter.
Consumer spending makes up more than two-thirds of the American economy and it grew at a rate of 2.8% during the second quarter, up from the 1.9% of the previous quarter.
Despite this, the growth figure still fell short of the optimistic goals set by US President Donald Trump.
Mr Trump had campaigned on a promise of tax cuts and regulatory relief which he hoped would boost growth to 4% or better but his economic programme has not moved forward in Congress.

Meanwhile, growth for the first quarter was revised down to 1.2% instead of the previously reported 1.4%.
On news of the 2.6% growth, the dollar fell against a number of currencies but prices for US government bonds were up.
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Source: SKY

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