GDP Growth Slows Downs to 2.4%

July 31st, 2010 at 9:23 am | 1 Comment |

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The newest GDP numbers indicate significantly reduced economic growth:

US economic growth slowed between April and June, with GDP growing by an annualised rate of 2.4%, the US Commerce Department has said.

This compares with an annual rate of 3.7% in the previous quarter.

The second quarter figure is a first estimate, and could be revised either up or down in the coming months.

There are growing fears about the strength of the US economic recovery, particularly concerning the country’s high unemployment rate of 9.5%.

Despite the slower rate of growth, economic adviser to the White House Christine Romer said: “This solid rate of growth indicates that the process of steady recovery from the recession continues.

“Nevertheless, faster growth is needed to bring about substantial reductions in unemployment.”

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One Comment so far ↓

  • cporet

    Still showing growth, the economy goes for another 2 quarters before a new recession. Great news for republicans, until January when they take over the economy and begin the long, slow slouch towards 2012.