U.S. economy on the rise, despite federal budget cuts

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Wednesday, July 31, 2013 - 9:14am

The U.S. economy grew slightly in the second quarter, despite the impact from federal budget cuts. That's according to the Bureau of Economic Analysis.

The nation's gross domestic product rose at an annual pace of 1-point-7 percent between April and June, that is slightly faster than the 1-point-1 percent rate in the first quarter.

Consumer spending was the single largest contributor to economic growth. The GDP is the broadest measure of goods and services produced by a nation's economy.

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