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US holds ground

THE US economy, struggling to hold its ground as the Asian crisis intensified, grew at a faster pace in the second quarter than previously estimated. Corporate earnings crept higher and inflation remained under wraps.

Gross domestic product - the total output of goods and services - rose at a revised 1.6 per cent annual rate in the second quarter, in line with analysts' expectations, the Commerce Department said. That is above the initial GDP reading of a 1.4 per cent gain released on 31 July, but still a shadow of the first quarter's performance.