Posted AT 8:53 AM EST on 28/08/08
U.S. economy rebounds
WASHINGTON — The U.S. economy shifted to a higher gear in the spring, growing at its fastest pace in nearly a year as foreign buyers snapped up U.S. exports and tax rebates spurred shoppers at home.
The Commerce Department reported Thursday that gross domestic product, or GDP, increased at a 3.3 per cent annual rate in the April-June quarter. The revised reading was much better than the government's initial estimate of a 1.
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