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However, inflation remains higher than the Federal Reserve would like.
However, inflation remains higher than the Federal Reserve would like.
Seeking to bolster the job market, the Fed last week cut its benchmark interest rate for the first time since December.
Consumer spending, which accounts for about 70% of U.S. economic activity, accelerated to a 3.5% annual pace last quarter.
Consumer spending, which accounts for about 70% of U.S. economic activity, accelerated to a 3.7% annual pace last quarter.
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