WASHINGTON — The US economy grew at a weaker pace than initially believed in the second quarter, the government said Friday in a report that underscored the tenuous nature of the two-year-old recovery.
The Commerce Department lowered its estimate for second-quarter growth in gross domestic product to an annual rate of 1.0 percent from the first quarter, from a prior reading of 1.3 percent.
"The recovery continues, but is extremely fragile. The economy has expanded just 1.5 percent over the past year, too weak to create the job growth necessary for a self-sustaining expansion," said Augustine Faucher at Moody's Analytics.
Growth in the April-June period was hit primarily by downward revisions to inventory investment and exports, that were only partly offset by upward revisions to business fixed investment and consumer spending.
Friday, August 26, 2011
Kinda makes the Bush years of 6% growth and 4.5% unemployment look pretty dam% good.
Posted by traderrob at 12:14 PM