Job seekers line up during “Amazon Jobs Day,” a job fair held across the United States seeking to fill up to 50,000 positions. REUTERS/Brian Snyder
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The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, with signs that the momentum was sustained at the start of the third quarter.Growth last quarter was the best since the first quarter of 2015 and followed a 1.2 percent pace in the January-March period. Economists had expected that second-quarter GDP growth would be raised to a 2.7 percent rate.Growth estimates for the third quarter are as high as a 3.4 percent rate.While that was up from the 1.9 percent reported last month, economists said it was unlikely growth this year would breach Republican President Donald Trump's ambitious 3.0 percent target.The saving rate slipped to 3.7 percent from 3.9 percent in the first quarter.Last quarter's rise was the slowest in more than two years and followed a 1.8 percent rate of increase in the first quarter.Investment on nonresidential structures increased at a 6.2 percent pace, rather than the previously reported 4.9 percent rate.
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