U.S. Economic Growth Dismal In Q2

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America’s growth rate slowed as consumers cut back on spending, according to the U.S. Department of Commerce.

Real gross domestic product (GDP) grew 1.5 percent during the second quarter.

“A growth rate below 2 percent isn’t enough to lower the unemployment rate, which was 8.2 percent last month. And few analysts expect the economy to gain momentum in the second half of the year, as concern about debt problems in Europe and the fiscal cliff — a series of tax increases and spending cuts due to take effect in January unless policy makers find an alternative — dampen confidence,” according to the Washington Post.

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