U.S. economic growth slowed in the second quarter but still exceeded economist estimates, according to a report released by the Commerce Department on Friday.
The Commerce Department said real gross domestic product climbed by 2.1 percent in the second quarter following the 3.1 percent jump in the first quarter. Economists had expected the pace of GDP growth to slow to 1.9 percent.
The stronger than expected GDP growth reflected positive contributions from consumer spending, federal government spending, and state and local government spending.
Meanwhile, negative contributions from private inventory investment, exports, non-residential fixed investment and residential fixed investment limited the upside.
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