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Friday, July 30, 2004

The New York Times > Business > U.S. Economy Grew More Slowly Than Expected in Spring

The New York Times > Business > U.S. Economy Grew More Slowly Than Expected in Spring: "U.S. Economy Grew More Slowly Than Expected in Spring
By THE ASSOCIATED PRESS

Filed at 11:26 a.m. ET
WASHINGTON (AP) -- The U.S. economy grew at an annual rate of just 3 percent in the spring, a dramatic slowdown from the rapid pace of the past year, as consumer spending fell to the weakest rate since the slowdown of 2001, the government reported Friday.
The Commerce Department said that the gross domestic product, the country's total output of goods and services, slowed sharply in the April-June quarter from a 4.5 percent growth rate in the first three months of the year.
The size of the slowdown caught economists by surprise. Many had been looking for GDP growth to come in around 3.8 percent in the second quarter. Even that would have been a sharp deceleration for an economy that had been growing at a 5.4 percent annual rate through the year ending in March."

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