Sunday 4 December 2016

US economic growth revised down

Published 27/08/2010 | 14:11

The US economy grew more slowly this spring than previously estimated
The US economy grew more slowly this spring than previously estimated

The US economy grew at a much slower pace this spring than previously estimated, mostly due to the largest surge in imports in 26 years and a slower build-up in inventories.

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The Commerce Department said the country's gross domestic product - the broadest measure of the economy's output - grew at a 1.6pc annual rate in the April-to-June period - down from an initial estimate of 2.4pc last month and much slower than the first quarter's 3.7pc pace.

Many economists had expected a sharper drop.

The economy has grown for four straight quarters, but that growth has averaged only 2.9pc, a weak pace after such a steep recession.

The economy needs to grow at about 3pc just to keep the unemployment rate, currently at 9.5pc, from rising.

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