US GDP Grows Only 1.2 Percent In Second Quarter
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WASHINGTON (AP) - Growth in the U.S. economy was sluggish again in the spring, dashing expectations for a robust rebound after a tough winter. Stronger consumer spending was offset by weakness in housing construction and a big slowdown in the pace that businesses restocked store shelves.
The Commerce Department says that the gross domestic product -- the broadest measure of the economy -- grew at a 1.2 percent annual rate in the April-June quarter. That was far below the 2.6 percent GDP growth rate that economists had been forecasting.
The government also revised down its estimate of first-quarter growth to 0.8 percent from 1.1 percent. The economy has now grown at lackluster rates for three straight quarters.
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