Wholesale inventories rose as companies built up stocks of autos and machinery, though sales declined.
The administration pointed to declining budget deficit and improved housing market as likely factors for economic growth.
The loss of economic momentum in some emerging market economies (EME) is hitting global growth prospects, the OECD has warned.
In a few years the rate of money flow and inflation will start to catch up to each other, causing a recession, analysis from Dick Bove said.
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