Workers harvest early apples at Samascott Orchards in Kinderhook, New York. (AP Photo/Mike Groll, File)
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The U.S. economy grew faster than initially thought in the second quarter on solid domestic demand, showing fairly strong momentum that could still allow the Federal Reserve to hike interest rates this year. Gross domestic product expanded at a 3.7 percent annual pace instead of the 2.3 percent rate reported last month, the Commerce Department said Thursday in its second GDP estimate.The economy grew at a 0.6 percent rate in the first quarter.Consumer spending, which accounts for more than two-thirds of U.S. economic activity, grew at a 3.1 percent rate, rather than the 2.9 percent pace reported last month.Spending on residential construction was raised to a 7.8 percent pace from a 6.6 percent rate.The GDP report also showed after-tax corporate profits rebounded 1.3 percent in the second quarter after declining 7.9 percent in the first quarter.
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