Economy's rebound not as strong as first thought |
| The Associated Press - Nov 24, 2009 |
The economy is growing modestly, with consumers too wary about spending to invigorate the recovery.
That picture emerged Tuesday from reports on the nation's economy and the confidence of consumers, who power 70 percent of it. The economy grew at a 2.8 percent rate last quarter — less than originally estimated. And forecasts for the current quarter are for similarly slight growth before a drop-off next year.
The main reasons are that consumers remain reluctant to spend, commercial construction has slipped and imports are dampening U.S. growth.
The Commerce Department's new reading on gross domestic product was weaker than the 3.5 percent growth rate for the July-September period estimated just a month ago. The GDP, which measures the value of all goods and services produced in the United States, also was a tad weaker than the 2.9 percent growth rate that economists surveyed by Thomson Reuters had expected.
Read Full Article from The Associated Press
- Posted: 2009-11-24 11:20:22
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