US Economic Recovery Loses Steam
The US economic recovery may have lose steam after the Commerce Department on Monday reported a slow down in the country’s economic growth, falling short of target to just 2.4 percent in the second quarter of this year.
The United States Commerce Department on Monday reported a slow down in the country’s economic growth, falling short of target to just 2.4 percent in the second quarter of this year.
In its report, the Commerce Department pegged the US economic growth at 2.4 percent from April to June this year, significantly lower compared to 3.7 percent registered in the previous quarter.
The government has attributed to slow down in the economic growth to the weaker consumer spending of the Americans particularly the wealthy, which accounts to more than 14 percent of the overall consumer spending index.
Meanwhile, The Conference Boar chief economist Bart van Ark expressed belief that the post-recession economic rebound may be history, noting that the latest economic growth figure failed to surpass earlier analyst predictions.
Earlier, President Barack Obama has called on the American people to support the programs being pushed by his administration, saying that more work needs to be done before the US can restore its economic condition back to normal.
Obama has made the call after the government issued revised figures showing that the recession was much worse than previously reported and could have devastated much of the businesses in the US.
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