The economy appears to be slowing further as GDP growth has fallen yet again. After the quick sugar rush of the stimulus pushed annual GDP growth to 3.6% earlier this year, the rate is dropping. According to the Commerce Department that number has slipped to 1.6%-- and imports hiked, weakening American industry.
Gross domestic product growth previously was estimated at 2.4 percent and analysts had feared it would be pushed down even more sharply. But robust business investment and a slight firming in consumer spending partially cushioned the blow from imports.
What a great recovery summer, Obama!
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