US economy grew only 1.3% in Q2, slowest growth since 2011
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Traders work on the floor of the New York Stock Exchange in this Aug 1, 2012 file photo in New York City. The US economy was more sluggish than thought in the second quarter, growing only 1.3 per cent, Commerce Department data released on Thursday showed. -- PHOTO: AFP
WASHINGTON (AFP) - The US economy was more sluggish than thought in the second quarter, growing only 1.3 per cent, Commerce Department data released on Thursday showed.
The Commerce Department's third estimate of gross domestic product growth was well below expectations that it would be unchanged from the prior estimate of 1.7 per cent.
The second-quarter gross domestic product (GDP) number marked the slowest growth since the first quarter of 2011, and followed a 2.0 per cent annual pace in the first quarter.
"The slowing came primarily from a decline in durable goods consumption and fixed investment," said MrScott Hoyt at Moody's Analytics, calling the GDP growth "disappointing."
