July 27 (Bloomberg) -- The U.S. economy grew more than forecast last quarter, propelled by rising exports, commercial construction and government spending.
The 3.4 percent annual pace of expansion, the most in more than a year, followed a revised gain of 0.6 percent in the prior quarter, the Commerce Department reported today in Washington. Economists surveyed by Bloomberg News had forecast a 3.2 percent increase. The Federal Reserve's preferred inflation gauge rose at the slowest pace in four years.
The 3.4 percent annual pace of expansion, the most in more than a year, followed a revised gain of 0.6 percent in the prior quarter, the Commerce Department reported today in Washington. Economists surveyed by Bloomberg News had forecast a 3.2 percent increase. The Federal Reserve's preferred inflation gauge rose at the slowest pace in four years.
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