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U.S. GDP grew less vigorously than believed in Q2
A revision of second-quarter GDP numbers contains two pieces of good news for anyone hoping for an economic soft landing. Driving the news: The economy expanded at a 2.1% annual rate in the April through June quarter, the Commerce Department said Wednesday, not the 2.4% initially estimated. More noteworthy, gross domestic income, an alternate measure of economic growth, showed an even more modest expansion. It rose at only a 0.5% annual rate in Q2, implying growth well below the long-term trend. The intrigue: The Fed aims to bring down inflation through a period of growth below the long-term trend, which Fed ... (full story)