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Economic Report: Second-quarter GDP still weak: 1.1%

Bloomberg

The U.S. economy slow walked it in the second quarter. GDP was revised down to slightly to show a 1.1% increase.

WASHINGTON (MarketWatch) — The U.S. economy grew at a lackluster 1.1% pace in the second quarter, a touch slower than previously reported.

The big news: corporate profits fell again. Adjusted pretax earnings dropped 1.2% to mark the fifth decline in the past six quarters, the Commerce Department reported. Unless profits turn up again, the economy is unlikely to grow much faster.

By and large, the government’s second recalculation of gross domestic product in the April to June period showed few major changes.

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