Summary Box: Economy slows sharply in spring; more weakness expectedBy AP
Thursday, September 30, 2010
Summary Box: Economy loses speed in the spring
LOSING SPEED: Economic growth slowed to a 1.7 percent pace in the spring. That’s a notch higher than a previous estimate of 1.6 percent growth because consumers spent a bit more. But Americans still aren’t confident enough to ramp up spending, which is why the economy is weak.
MORE WEAKNESS AHEAD: The economy’s growth will be similarly weak through the rest of this year, analysts say.
WHY IT MATTERS: Unemployment will stay high. The economy isn’t growing fast enough to make businesses step up hiring.