Why it matters: Growth didn’t meet expectations because there was a surge in imports, and businesses reduced their inventories. Neither of these has as much to do with the underlying fundamentals of the economy as spending and investment.
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• If you strip out the trade and inventory numbers, the economy grew by more than 2.8%.
•  Consumer spending was up 2.5% and business investment rose 5.3%.

Big picture: More should be done to improve the business environment and drive economic growth.
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• The U.S. Senate should restore expired tax provisions to take a weight off many small businesses’ shoulders.