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America returns to growth in Q2 after hard winter


America returns to growth in Q2 after hard winter


While revised figures from the US point to a slight economic contraction in the first quarter due to bad weather, a strong dollar, energy sector spending cuts and a West Coast ports dispute, the second quarter has seen a growth surge.

Sales boomed in May, employers hired more workers, and the housing market looks firmer.

Growth in consumer spending, which counts for two-thirds of American economic activity has been revised up to 2.1%, and personal savings have revived too, allowing more potential treats for shoppers later in the year.

However America’s stubborn deficit has knocked an estimated 2% of GDP growth.

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