Arab Today, arab today us growth falls to 15 in second quarter
Last Updated : GMT 13:40:10
Arab Today, arab today
Arab Today, arab today

US growth falls to 1.5% in second quarter

Arab Today, arab today

Arab Today, arab today US growth falls to 1.5% in second quarter

Washington - QNA

The United States economy slowed in the second quarter amid weak consumer spending, government cuts and a rise in imports from foreign countries. Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 1.5% from April to June, the US Commerce Department said. That's down significantly from a 2% rate in the first three months of the year. The Commerce Department also released revisions going back to the start of 2009. While the revisions showed that growth in 2010 was weaker than previously thought, 2009 and 2011 were slightly stronger. The second-quarter slowdown was not entirely surprising given consumer spending has been weak recently, the government has been cutting its spending and hiring has been tepid. The economy needs to grow around 3% a year to bring the unemployment rate down significantly, and since consumer spending accounts for roughly two-thirds of the economy, it too needs to grow around 3%. But spending slowed to 1.5%, down from 2.4% in the first quarter, showing that households are continuing to deleverage three years after the recession. Shoppers cut back on buying big-ticket items like automobiles, as well as smaller items like clothing and groceries. As usual, the US also imported more goods and services from foreign countries than it exported, which subtracts from economic growth. Government cuts, especially at the state and local level, also weighed on growth. Spending by businesses remained a small strength. Businesses increased their purchases of equipment and software to a 7.2% annual rate. Economists are hopeful the economy will grow slightly faster in the second half of the year. The housing market has recently shown signs of recovering, which could translate into more construction jobs and consumer spending. But the effect is likely to be slow and hardly any forecasters are predicting GDP growth above 2% any time soon. Uncertainty about Europe's debt crisis and the looming fiscal cliff give businesses little incentive to invest or hire new workers. Given the divisive political climate in Washington, it's unlikely the government will agree on measures to boost the economy.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us growth falls to 15 in second quarter Arab Today, arab today us growth falls to 15 in second quarter

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us growth falls to 15 in second quarter Arab Today, arab today us growth falls to 15 in second quarter

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday