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US doing better than thought

The US economy rebounded more strongly than initially thought in the spring, with more of the growth being driven by domestic demand and less by restocking by businesses.

Gross domestic product expanded at a 4.2pc annual rate instead of the previously reported 4pc pace after officials said businesses are spending more and exports jumped.

The news combined with separate reports showing a second consecutive week of declines in the number of Americans filing new claims for unemployment benefits and a jump in home purchase contracts to give the world's biggest economy a healthy glow. That's good news for Ireland, which does a lot of business with America.