Shoppers ride escalators at the Beverly Center mall in Los Angeles, California November 8, 2013. REUTERS/David McNew
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Growth in the U.S. economy was sluggish again in the spring, dashing expectations for a robust rebound after a tough winter.The Commerce Department said Friday that the gross domestic product – the broadest measure of the economy – grew at a 1.2 percent annual rate in the April-June quarter.The government also revised down its estimate of first-quarter growth to 0.8 percent from 1.1 percent. The economy has now grown at lackluster rates for three straight quarters.Consumer spending, which accounts for 70 percent of economic activity, did accelerate in the spring, growing at an annual rate of 4.2 percent. That was more than double the 1.6 percent rate in the first quarter.
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