GDP grows 4.2% in 2Q

The U.S. gross domestic product grew at a seasonally adjusted annual rate of 4.2 percent in the second quarter, beating estimates and the first quarter's 2.1 percent increase, according to Forbes.

The Bureau of Economic Analysis had predicted 4 percent growth for the three months ended June 30.

According to Forbes, second-quarter GDP growth reflected growing personal consumption, private inventory investment, exports, both residential and nonresidential fixed investment, as well as local government spending.

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