GDP Growth Accelerates (CNN.com): “Most of the second-quarter increase in GDP was due to a 3.3 percent pace in the growth of consumer spending, which makes up more than two-thirds of the total economy. Also supporting GDP growth was a 25.1 percent gain in the pace of federal government spending, the biggest gain since 30.3 percent in the first quarter of 1967. That spending growth was mostly due to a 44.1 percent jump in defense spending, the biggest gain since a 110 percent gain in the third quarter of 1951. The defense spending was concentrated on prosecuting the U.S.-led war with Iraq.”
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