U.S. GDP climbs 6.5% buoyed by consumers, businesses
The Hindu
Growth tempered by supply chain constraints on inventory
The U.S. economy grew solidly in the second quarter, but the pace was below expectations as robust consumer spending and business investment on equipment were tempered by a sharp inventory drawdown amid supply chain constraints. Gross domestic product rose at a 6.5% annualised rate last quarter, the Commerce Department said on Thursday. The economy grew at a 6.3% rate in the first quarter, revised down from the previously reported 6.4% pace.
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