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In the past two quarters, the United States saw a weak growth patch of around 1 percent on average. Some rebound in the next few quarters is expected but expectations remain of only a moderate growth path ahead. Consumption, along with the ongoing housing rebound, remain the primary drivers of growth. This has been the pattern over the past few years: consumption-led growth constrained by persistently weak investment. In the medium-term, weak productivity continues to undermine the economy’s growth potential.