Surge in US GDP
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Manufacturing News, Source : TheManufacturer.com
Published : 31 Jul 2003 16:04
The US economy has surged by 2.4 per cent in the last quarter.
Predictions from Wall Street had forecast a slight growth in GDP from 1.4 per cent to 1.5 per cent but had not predicted such an upturn in the economy.
The Commerce Department said: “Growth in the second quarter was boosted by federal defence spending, by business investment in plant and equipment and by consumer spending.”
Spending on defence had increased dramatically and reached levels that had not been seen since the Korean War.
The number of unemployment claims also fell this week by 3,000 to 388,000 from 391,000.
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