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10:35 AM
More Proof The U.S. Economy Is Falling Apart: GDP Revision A Grim Surprise
A series of new economic figures this morning cast fresh gloom on the health of the U.S. economy.
The economy grew much less than expected in the second quarter, new Labor Department estimates show. Second quarter GDP was revised lower to 1.3% from an earlier 1.7%. (Economists believed that GDP would be revised lower to 1.6%.) Declining consumer spending and business investment combined to weigh mightily on economic activity.
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