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Finally, the U.S. economy the world has been waiting for Add to ...

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The U.S. economy is rolling now.

Gross domestic product expanded at an annual rate of 4.2 per cent in the second quarter, according to the Commerce Department’s updated estimate, defying Wall Street’s consensus assumption that closer inspection would force Commerce to shave its initial 4-per-cent estimate. A separate report Thursday showed the four-week moving average of initial jobless claims dropped to 300,000, a historically low number that correlates with a declining unemployment rate.

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