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article imageU.S. economic growth revised down to 1.3 percent

By Larry Clifton     Sep 28, 2012 in Politics
Washington - Second quarter U.S. economic growth was downgraded from a feeble 1.7 percent to a depressing 1.3 percent by a new Commerce Department report.
“Weak economic growth is the result of weak leadership from President Obama, whose failed policies have hurt small businesses and driven jobs overseas," said House Speaker John Boehner, R-Ohio.
About half of the downward revisions of economic activity reportedly represent declines in farm inventories, which were hit by droughts, however slower consumer spending and less growth in exports added to the economic decline, according to a Washington Business Journal report.
The anemic 1.3 percent growth from spring followed a disappointing 2 percent growth rate in the first quarter; both rates are considered too slow to lower unemployment.
The unemployment rate was 8.1 percent in August due mostly to workers giving up hope for finding a job and exiting the job market.
Analysts expect unemployment to hover at around 8 percent throughout the year because they anticipate little pickup in growth.
While pundits say a declining economy, anti-U.S. chaos in the Middle East and rising health care costs may cost Barack Obama his re-election, polls continue to show Americans are satisfied with his leadership.
However, as of late, more accounts of major U.S. polls over-sampling Democrats have caught the attention of many Americans.
More about Obama, Economic growth, Mitt Romney, barack obama recession
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