US 2Q GDP expanded 1.5 percent vs expectations of 1.4 percent. GDP in the 1Q12 period expanded 2 percent.
Declining job markets and reduced spending by the public weighed on the expansion. Household prices which account for about 70 percent of the US economy experienced a slowdown in growth as it rose 1.5 percent vs 2.4 percent on a q/q basis.
The estimate, is the first of the three estimates for the quarter with next releases coming in August and September. (Bloomberg)
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