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US growth rebounds strongly but Fed sticks to policy

Dan Fortune installs a door install on a Ford F-150 truck on the assembly line at the Ford Dearborn Truck Plant June 13, 2014The US economy rebounded vigorously in the second quarter, growing at a peppy 4.0 percent pace that erased the impact of the sharp winter contraction, the Commerce Department reported Wednesday. The initial estimate of second-quarter growth was far better than expected and showed solid recovery in private investment and consumer spending, especially on durable goods like cars and appliances. The Commerce Department said the January-March contraction was only 2.1 percent, compared to the more severe 2.9 drop percent previously reported, and it upped its estimate of growth in 2013 to 2.2 percent from 1.9 percent, due to a much stronger second half. – Fed still sees weakness –

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