WASHINGTON - The economy's growth in the second quarter was less than half that of the prior three months as consumers tightened their belts and spending on home building nose-dived. Inflation, however, shot up.
The latest snapshot released by the Commerce Department on Friday showed that that gross domestic product grew at an annual rate of just 2.5 percent in the April-to-June period. That marked a big slowdown from the January-to-March quarter, when the economy zipped along at a 5.6 percent annual rate, the fastest in 2 1/2 years.
Gross domestic product measures the value of all goods and services produced within the United States and is considered the best barometer …
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