US growth rate sees shock fall to 1.3% in Q2

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The US economy grew more slowly than expected in the second quarter, compounding fears the world's largest economy could be heading back into recession, the latest data has revealed.

The final reading of the country's second quarter growth rate showed the economy expanded by 1.3% in Q2, down from 1.7%, according to the US Department of Commerce's Bureau of Economic Analysis. The fall was much larger than analysts had expected, with many pricing in no change at all. It means the US economy is slowing quickly, having recorded GDP growth of 2% in the first quarter. The slump was attributed to slowing consumer spending, weaker farm inventories and lower business investment. Analysts partly blamed weather conditions for the weakness in farm inventories, following...

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