U.S. economy grew at 3.9 percent rate in spring quarter


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Consumer spending, business investment, and residential construction were responsible for an unexpected growth in the economy in the spring quarter, with an annual rate of 3.9 percent in the April-June quarter, the Commerce Department reported Friday. Previous estimates had put the growth rate at around 3.7 percent. Third quarter growth, meanwhile, slowed to around 2.5 percent.
Federal Reserve chair Janet Yellen said Thursday that the U.S. central bank would likely begin raising interest rates later this year, so long as the U.S. economy is able to support employment growth and interest rates hold steady.
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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
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