Economy Loses Speed in Spring; More Weakness Ahead
Press release from the issuing company
Friday, October 1st, 2010
The nation's economic growth tailed off sharply in the spring and probably isn't faring any better now.
Gross domestic product — the broadest measure of the economy's health — expanded at a feeble 1.7 percent annual rate in the April-June quarter, The Commerce Department reported Thursday.
That's a notch higher than the 1.6 percent growth rate the government estimated a month ago. The slight change was mostly due to a little more spending by consumers than first estimated. Still, that's not enough to have a major impact on the economy.
