Economic growth slows to 1.6 pct. in the spring

The 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 slowdown in companies' restocking of goods,

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

Shortly after the revision was announced, Federal Reserve Chairman Ben Bernanke said the Fed will consider making another large-scale purchase of securities if the slowing economy deteriorates significantly.

But the Fed chief stopped short of committing to any specific action.

Read Full Article from The Associated Press

- Posted: 2010-08-28 21:33:13

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