分类： 其他平台
2013-10-18 13:38:45
The 1.5 percent growth rate in the second quarter was the weakest since the economy, as measured by the gross domestic product, expanded at a 1.3 percent rate in the JulySeptember quarter last year. GDP measures the country's total output of goods and services, from the purchase of a cup of coffee to the sale of fighter jets.
Currentdollar GDP increased at an annual rate of $117.6 billion in the second quarter to $15.6 trillion.
Growth was weaker mostly because consumer spending slowed to a growth rate of just 1.5 percent. That's down from 2.4 percent in the first quarter. Americans bought fewer autos, computers and other longlasting manufactured goods. Spending on services increased.
They also saved more. The savings rate increased to 4 percent, up from 3.6 percent in the first quarter.
Consumer spending drives roughly 70 percent of e conomic activity. economist at IHS Global Insight, said consumer spending is likely to remain subdued in the second half of the year, holding economic growth at or below 2 percent. Gas prices have stopped falling and have even started to rise in recent weeks. And this summer's severe drought is expected to push food prices higher toward the end of the year.
"There is really no reason to see us pulling out of this malaise any time soon," Gault said. economy has never been so sluggish this long into a recovery. The Great Recession officially ended in June 2009.
Until a few weeks ago, many economists had been predicting that growth would accelerate in the final six months of the year. They pointed to gains in manufacturing, home and auto sales and lower gas prices. economy have left consumers too anxious to spend freely. Jobs are tight. Pay isn't keeping up with inflation. Retail sales fell in June for a third straight month. Manufacturing has weakened in most areas of the country.
Fear is also growing that the economy will fall off a "fiscal cliff" at year's end. That's when tax increases and deep spending cuts will take effect unless Congress reaches a budget agreement.
All that is making companies reluctant to expand and hire much.
Weaker growth in consumer spending was offset in the second quarter somewhat by a slightly smaller drag from government spending. Spending at the state, local and federal level fell at an annual rate of 1.4 percent in the second quarter just half of the 3 percent rate of decline in the first quarter.
