US President Donald Trump leaves after speaking about the economy as Vice President Mike Pence (R) applauds at the White House in Washington, DC, on July 27, 2018. AFP / NICHOLAS KAMM
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The U.S. economy accelerated to a 4.1 percent pace of growth in the second quarter, the fastest since 2014, letting President Donald Trump claim a win for his policies even though expansion is projected to cool.It followed first-quarter growth of 2.2 percent that was revised from 2 percent, the Commerce Department reported Friday.GDP GoalCompared with a year earlier, second-quarter GDP rose 2.8 percent, just shy of the 3 percent mark, which was last reached in 2015 .InvestmentThe growth in nonresidential business investment contributed almost 1 percentage point to growth though the 7.3 percent pace was slower than the first quarter's 11.5 percent. Spending on structures advanced 13.3 percent following a 13.9 percent gain in the prior period, while equipment investment cooled to 3.9 percent and intellectual property spending slowed to 8.2 percent.Residential investment contracted at a 1.1 percent rate, the fourth decline in five quarters.Government spending increased at a 2.1 percent rate, adding 0.37 percentage point to growth.First-quarter gross domestic income, adjusted for inflation, was revised to a 3.9 percent gain from a previously reported 3.6 percent.
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