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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