Economy in U.S. Grew Less Than Forecast as Trade Gap Widened - Jul 30 10 9:04 EDT
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Economy in U.S. Grew Less Than Forecast as Trade Gap Widened
By Timothy R. Homan Bloomberg
Growth in the U.S. slowed to a 2.4 percent annual rate in the second quarter, less than forecast, reflecting a larger trade deficit and an easing in consumer spending.
The increase in gross domestic product compared with a median forecast of 2.6 percent of economists surveyed by Bloomberg News and follows an upwardly revised 3.7 percent pace in the first quarter that showed a jump in inventories, according to figures from the Commerce Department today in Washington. Business investment climbed at the fastest rate since 1997.
A slower pace of growth means employers may be reluctant to hire workers and more likely to keep a lid on prices in order to boost sales. Federal Reserve Chairman Ben S. Bernanke last week said the central bank is prepared to take further policy actions if the world’s largest economy “doesn’t continue to improve.”
“The economy is muddling through,” Ethan Harris, head of North America economics at Bank of America-Merrill Lynch Global Research in New York, said in an interview after the report. “We’re probably not going to see a really strong number for a while. We need to see some pickup in job growth.”
Stock-index futures extended earlier losses after the report. The contract on the Standard & Poor’s 500 Index fell 1.2 percent to 1,084.2 at 8:55 a.m. in New York. Treasury securities climbed, sending the yield on the benchmark 10-year note down to 2.92 percent from 2.98 percent late yesterday.
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