Only “Modest” Growth
· The advanced estimate of second quarter GDP showed the economy expanded at a faster clip than anticipated, although the downward revision made to the prior quarter took much of the shine off the report. GDP was estimated to have grown at a 1.7 percent annualized rate in the second quarter, up from a 1.1 pace in the first quarter.
· Employers added 162,000 jobs in July, which marked a slowdown from recent months. Unemployment looked more favorable, falling to 7.4 percent, although labor force participation remains depressed.
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