The New York Times
Fri, August 27, 2010 -- 8:38 AM ET
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U.S. Growth in Second Quarter Is Lowered to 1.6% Pace
Economic statistics released Friday offered the clearest sign
yet that the recovery in the United States had slowed to a
crawl. The government lowered its estimate of economic growth
in the second quarter to an annual rate of 1.6 percent, down
from an initial estimate of 2.4 percent issued last month.
The revision is a significant slowdown from the annual rate
of 3.7 percent in the first quarter and 5 percent in the last
three months of 2009.
The news follows dismal statistics this week on July home
sales and factory orders. Economists are now concerned that
the outlook for job creation, which has been spluttering all
summer, could deteriorate further.
Because forecasters had expected an even worse growth
estimate, the markets reacted positively in the first few
minutes, as traders awaited a policy speech later on Friday
morning from the chairman of the Federal Reserve, Ben S.
Bernanke.
Read More:
http://www.nytimes.com/2010/08/28/business/economy/28econ.html?emc=na
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