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"Economic growth firmly entrenched"

Confirming the continuation of the solid, steady expansion that finally became firmly entrenched during the second quarter of 2003, the U.S. economy grew at an impressive 3.4 percent annual rate last quarter. It was the ninth consecutive quarter during which the economy has expanded by an annual rate of at least 3.3 percent. During the two previous years beginning in July 2003, the U.S. economy has grown by an average of 4.1 percent per year. 

Last quarter's broad—based expansion was once again led by business investment, which grew at a 9 percent annual rate. Over the past two years, business investment has increased by nearly 20 percent.

Ed Lasky   7 31 05