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Feds: Economy grew faster than we thought in 2nd quarter
 

The Commerce Department on Wednesday reported that gross domestic product (GDP) grew at an annual rate of 1.7 percent in the second quarter, up from its initial projection of 1.5 percent. While the upward revision was welcomed, the economy is still growing at too slow a pace to bring down the unemployment rate, which was 8.3 percent in July. Economists expect only a modest improvement for the second half of 2012. 

 

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