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Second-Quarter Growth Revised Upward

Wall Street Journal (08/29/13) Jonathan House; Josh Mitchell

The U.S. economy grew faster than previously forecast in the second quarter due to an upwardly revised increase in exports and business investment. Gross domestic product climbed at a 2.5% annual rate, revised upward from an estimate of 1.7% reported in July, according to the U.S. Department of Commerce. Economists had forecasted revised second-quarter GDP growth of 2.2%. The GDP report suggests the economy could be rebounding, although it remains lackluster by historic standards.