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US economy grows at 1.1% in Q2

US economy grows at 1.1% in Q2
Business inventories fell $12.4 billion in Q2-16 (Photo Credit: Arabianeye-Reuters)

Mubasher: The US’s gross domestic product (GDP) rose at 1.1% year-on-year in Q2-16, according to the Commerce Department.

The GDP was 0.1% lower that an initial estimate of 1.2% growth.

Business inventories fell $12.4 billion in Q2-16, the first decline since the third quarter of 2011, compared to $8.1 billion reported in July.