Unexpected: U.S. Economy Slowing Down

WASHINGTON – OCTOBER 24: A staff member carries golf clubs from President Barack Obama’s motorcade on the South Drive of the White House October 24, 2010 in Washington, DC. President Obama went golfing with Marvin Nicholson, Walter Nicholson and David Katz at Andrews Air Force Base. (Image credit: Getty Images via @daylife)

US economic growth slowed to 1.5 pct. rate in Q2
By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON (AP) – The U.S. economy grew at an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The slowdown in growth adds to worries that the economy could be stalling three years after the recession ended.

The Commerce Department also said Friday that the economy grew a little better than previously thought in the January-March quarter. It raised its estimate to a 2 percent rate, up from 1.9 percent.

Growth at or below 2 percent isn’t enough to lower the unemployment rate, which was 8.2 percent last month. And most economists don’t expect growth to pick up much in the second half of the year. Europe’s financial crisis and a looming budget crisis in the U.S. are expected to slow business investment further.

Stock futures rose slightly after the report was released. Some economists had thought the growth estimate would be even lower.

Read more at WTOP.

Definition of a recession. – Wiki Link

WUPN: Let’s see. who is responsible for this economy? Aahhhhhh, let’s see, who is our president?

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