US Economic Growth Slides Backwards

WASHINGTON - The U.S. economic recovery lost some momentum in April, May and June, as consumer spending cooled and the trade deficit grew.

Friday’s Commerce Department report says the gross domestic product grew just 2.4 percent in the second quarter. That is much slower than the 3.7-percent growth in the first part of the year.

The GDP is the broadest measure of the nation’s economic health. Many economists predict GDP growth will be even slower for the rest of 2010.

The slow growth comes as the nation struggles to cut the 9.5-percent unemployment rate. The slowdown has left nearly 7 million people unemployed for six months or more.

Source:  VOA News



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Author: editor
Post Date: Friday, July 30th, 2010
Categories: Economy