US Economy Rebounds in Second Quarter; but Underlying Trend is Soft

U.S. economic growth rebounded more than expected in the second quarter, but that grossly overstated the economy's health as subsiding imports accounted for the bulk of the improvement and domestic demand increased moderately.

Gross domestic product increased at a 3.0% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its advance estimate of second-quarter GDP on Wednesday. The economy contracted at a 0.5% pace in the January-March quarter, the first GDP decline in three years.

The main GDP figure...

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