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Stocks slip...Economy expands in second quarter...Employment costs grow at slower rate

By The Associated Press | Posted - Jul. 28, 2017 at 9:11 a.m.



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NEW YORK (AP) — Stocks are slightly lower in early trading on Wall Street after Amazon and several other big companies reported quarterly results that underwhelmed investors. Health care stocks fell, but by less than the rest of the market, after the Senate's latest stumble in its drive to revamp the country's health care system. The U.S. government said the economy grew in the second quarter, but a bit less than expected.

WASHINGTON (AP) — The U.S. economy revved up this spring after a weak start to the year. The Commerce Department says growth in the gross domestic product, the economy's total output of goods and services, expanded at a 2.6 percent annual rate in the April-June quarter. That's more than double the revised 1.2 percent pace in the first quarter. The improvement was powered by a robust recovery in consumer spending after a slowdown during the winter.

WASHINGTON (AP) — Wages and benefits paid to U.S. civilian workers grew more slowly in the second quarter. The Labor Department says total compensation was up 0.5 percent in the April-June period, compared to 0.8 percent growth in the first quarter. Wages and salaries, which account for 70 percent of compensation costs, also rose 0.5 percent. Benefit costs, which cover pensions and health insurance, increased 0.6 percent.

WASHINGTON (AP) — Senate Majority Leader Mitch McConnell says "it's time to move on" after senators rejected a bill to erase several parts of President Barack Obama's law by a vote of 51-49. McConnell put the health bill on hold and announced that the Senate would shift to other legislation next week. House Speaker Paul Ryan says he is "disappointed and frustrated, but we should not give up." Health and Human Services Secretary Tom Price said in a statement that the Trump administration would pursue its health care goals through regulation.

BUXTON, N.C. (AP) — A power outage has dealt a blow to tourism in a part of North Carolina's Outer Banks. A state of emergency has been declared for Ocracoke (OHK'-ruh-kohk) and Hatteras islands after a construction company cut an electrical line yesterday, and an estimated 10,000 visitors have been ordered to leave Ocracoke by noon today. The accident has set off a scramble for hot food, cold drinks and ice. Officials don't know how long it will take to restore power.

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The Associated Press

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