News - National
Economy loses speed in spring; more weakness ahead
Posted: Sep 30, 2010 8:11 AM by Bea Karnes, News First 5
Updated: Sep 30, 2010 8:12 AM
The nation's economic growth tailed off sharply in the spring and probably isn't faring any better now.
The Commerce Department reports that the economy expanded at a feeble 1.7 percent annual rate in the April-to-June quarter. The new reading is a tad higher than the 1.6 percent growth estimated a month ago. But it marks a sharp slowdown from a 3.7 percent growth rate logged in the first quarter and doesn't change the big picture: The economy has been losing momentum since the end of last year.
Many think the economy grew at around the same anemic pace, or slightly worse, during the July-to-September quarter.
Little improvement is expected in the final quarter of this year.
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