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Friday, July 27, 2012

Weekly Economic News

The economy expanded at a 1.5 percent pace in the second
quarter, supported by personal consumption, business
investment and residential construction. Government
spending and net exports subtracted from growth.
· New home sales were beginning to slow as sales contracted
8.4 percent in June to a 350,000 unit annualized pace but
sales remain up 18.9 percent compared with levels of the yearearlier
period.
· Durable goods came in stronger than expected in June, rising
1.6 percent on news of stronger defense spending

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