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U.S. Growth Likely Slowed in Second Quarter

U.S. economic growth likely slowed sharply in the second quarter, but it is poised to regain momentum as the burden brought on by belt-tightening in Washington eases.

Gross domestic product probably grew at a 1.0 percent annual rate, a step back from the first-quarter’s 1.8 percent pace, according to a Reuters survey of economists. Some said growth could be even weaker, with forecasts ranging as low as 0.4 percent.

Tighter fiscal policy, a slow pace of inventory accumulation and sluggish global demand, which has dampened exports, are seen as having hobbled the economy in the April-June period.

Reuters [1]

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