US GDP Grows by 1.6%

The revised Gross Domestic Product surpassed predictions according to results released by the US Commerce Department this morning. The new figures indicate a 2.4 percent increase for the second quarter but this was tempered somewhat by news that corporate profits grew at their slowest rate in a year, and employee wages in the prior three months were revised lower.

“The economy has slowed a bit and will probably continue to slow through the second half,” said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “We’re skating on thin ice, and we don’t have a lot of margin for error.”

Source: Bloomberg

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