Federal Reserve Chairman Ben S. Bernanke said he expects the economy to grow at an annual pace exceeding 3 percent in the second half of this year.
Bernanke said an expansion of “3 percent plus” is based on stronger auto sales and production and more spending by consumers.
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In the first half of this year, auto production was hobbled by a shortage of parts because of the Japan earthquake, and high gasoline prices weighed on consumer spending, he said today in response to a question at a House Financial Services Committee hearing. He estimated growth during that period was around a 2 percent.
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