Declining inventories curb U.S. second-quarter growth; consumption surges

August 26, 2016 1:12 PM

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Declining inventories curb U.S. second-quarter growth; consumption surges

WASHINGTON U.S. economic growth was a bit more sluggish than initially thought in the second quarter as businesses aggressively ran down stocks of unsold goods, offsetting a spurt in consumer spending.

Gross domestic product expanded at a 1.1 percent annual rate, the Commerce Department said on Friday in its second estimate of GDP. That was slightly down from the 1.2 percent rate it reported last month.

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