Posted by WASHINGTON, D.C. – 6:26 am – The U.S. recovery lost momentum in the second quarter as economic growth slowed to a 2.4% annual rate, its most sluggish showing in nearly a year.
Weaker spending by consumers, less growth from companies restocking shrunken stockpiles and a bigger drag from the nation’s trade deficits were the main factors behind the second quarter’s slowdown.
The Commerce Department’s report released Friday also showed the economy grew at a 3.7% annual rate the first three months of this year. That was much better than the 2.7% pace estimated just a month ago.