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Another whiff on the economy: Q2 GDP only grew 1.2%

The US economy continues its pattern of stagnation, and once again economists got fooled into thinking that it had changed. According to a new Bureau of Economic Analysis advance report, gross domestic product (GDP) increased at an annualized rate of 1.2% in the second quarter, beating the last two quarters but falling far short of estimates. Markets had predicted a GDP increase of 2.6% — itself no great shakes:

Real gross domestic product increased at an annual rate of 1.2 percent in the second quarter of 2016 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.8 percent (revised). …

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