GDP Falls As Economic Growth Slows To A Crawl, New Estimates Show
Published: August 26, 2011 / Author: Alexander Eichler
The following article is an excerpt from the Huffington Post which quotes Finance Professor Jeff Bergstrand on consumer spending and economic growth. To read the entire article visit: GDP Falls As Economic Growth Slows To A Crawl, New Estimates Show
Two years after the official end of the Great Recession, the economy is still struggling to build momentum, and a full-fledged recovery remains a distant prospect.
As millions search for work, and the nation’s central bank offers no sign that it will make any further efforts to promote growth, news comes that the U.S. economy grew at a slower pace this spring than previously believed, according to government estimates released Friday.
The news is grim for anyone looking for signs that the recovery has taken hold, and that hiring and expansion are on the way once more. However, there’s a silver lining for corporations, whose profits went up in the spring, suggesting that the slowdown isn’t hitting businesses nearly as hard as the average consumer.