U.S. second-quarter GDP gains speed on consumer spending

A customer shops at the Wal-Mart Neighborhood Market in BentonvilleBy Lucia Mutikani WASHINGTON (Reuters) – U.S. economic growth accelerated in the second quarter as a pick-up in consumer spending offset the drag from soft business spending on equipment, suggesting a steady momentum that could bring the Federal Reserve closer to hiking interest rates this year. With oil prices having risen during the second quarter and consumer spending having picked up, inflation pressures accelerated sharply.



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