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US Economy creeps along At 1.5% Growth Rate

from Bloomberg….

Gross domestic product, the value of all goods and services produced, rose at a 1.5 percent annual rate after a revised 2 percent gain in the prior quarter, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 1.4 percent increase. Household purchases, which account for about 70 percent of the world’s largest economy, grew at the slowest pace in a year.

Consumers are cutting back just as Europe’s debt crisis and looming U.S. tax-policy changes dent confidence, hurting sales at companies from United Parcel Service Inc. (UPS) to Procter & Gamble Co. (PG) Cooling growth makes it harder to reduce unemployment, helping explain why Federal Reserve ChairmanBen S. Bernanke has said policy makers stand ready with more stimulus if needed.

“We have an anemic recovery with really no momentum,”

More….

July 27, 2012 Posted by | Breaking News, Government, Media, Politics, Projections, The Economy, Updates | , , | Leave a comment