The report said the economy grew three and seven-tenths percent from January to March.
Many economists say the country needs a growth rate of at least two and a half percent just to keep unemployment from rising. The jobless rate was nine and a half percent in July.
The slowing in GDP largely resulted from a sharp increase in imports . Imports of goods and services increased almost three times as fast in the second quarter as in the first three months of the year. Exports slowed.
Earlier this week, a report said manufacturing grew less in July than economists had predicted.
Not all the reports were bad. The Labor Department said the number of first-time claims for unemployment aid fell for the first time in four weeks.
But more Americans are having trouble making monthly payments on their home loans. The Mortgage Bankers Association reported that between April and June, almost ten percent of homeowners were at least one month late.
The price of this single-family home in Southern California has been reduced to attract buyers
Housing helped lead economic recoveries in the past. But this time the housing market not only helped create the recession. Many economists say it is also limiting the recovery.
The Commerce Department reported that sales of newly built houses dropped twelve percent between June and July. They fell to the lowest level since records began in nineteen sixty-three.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25