US economy shows signs of further weakening
July 30th, 2011 - 12:42 pm ICT by IANSWashington, July 30 (IANS/EFE) US gross domestic product grew at an annualised rate of 1.3 percent in the second quarter, the Commerce Department said Friday.
While second-quarter GDP came in significantly below most analysts’ forecast of 1.6 percent, the most dramatic element in the report was a downward revision of the figures for the January-March period.
After initially estimating that GDP expanded by 1.9 percent in the first three months of the year, the Commerce Department now says first-quarter growth was a paltry 0.4 percent.
The disappointing GDP data added Friday to market worries about the continuing indecision in Washington over how to raise the debt limit ahead of an Aug 2 deadline.
The US unemployment rate edged up to 9.2 percent in June, with nearly 14 million people out of work.
Though the recession officially ended two years ago, economic growth remains too weak to recover the 8.4 million jobs lost during the slump.
–IANS/EFE
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- US boosts second-quarter growth estimate to 1.3 percent - Sep 30, 2011
- US personal incomes decline - Oct 01, 2011
- US economy slowed in first quarter - Apr 28, 2012
- US economy grew 2.5 percent in third quarter - Oct 28, 2011
- Spanish economy back in recession - Apr 24, 2012
- Jobless claims fall in US - Jun 03, 2011
- US economy grew faster than thought in fourth quarter - Mar 01, 2012
- US economy expands 1.3 percent in Q2 - Jul 30, 2011
- US Q3 growth revised downward - Nov 23, 2011
- US GDP climbs less than expected in first quarter - May 27, 2011
- US home sales rebound from record low - Apr 26, 2011
- US retail sales go up - Mar 14, 2012
- Listed Chinese companies see narrowing profits - Apr 23, 2012
- Spanish jobless rate climbs above 24 percent - Apr 28, 2012
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