US economy grows by 2.5% in Spring

The US economy grew by an annual rate of 2.5% during Spring, the US Department of Commerce said Thursday. The figure is equivalent to the estimates the department made last month. The growth rate was largely due to cutting the trade deficit by making stronger export sales during the period from April toJune. Employers have added an average of just 155,000 jobs a month since April, down from an average of 205,000 for the first four months of the year. Consumer spending, which drives more than 70% of the US economy, has also decreased in the same three months. Mortgage rates were up 1% in May.