Originally published on Sun July 29, 2012 4:31 pm
No surprise: The economy grew only sluggishly in April, May and June. The U.S. Commerce Department says gross domestic product — the sum of all goods and services produced in the country — grew by just 1.5 percent in the second quarter.
Originally published on Fri July 27, 2012 8:01 am
The economy grew at a sluggish 1.5 percent annual rate in the second quarter, the Bureau of Economic Analysis reported this morning, down from a 2 percent pace in the first quarter.
This is the bureau's first estimate of GDP growth in the spring months. It will revise the figure twice in coming months. It's now 8:33 a.m. ET. We'll have more about the report shortly.
Update at 10 a.m. ET. The White House Points To String Of Positive Quarters:
The number of people filing first-time claims for jobless benefits fell by 35,000 last week, to 353,000, the Employment and Training Administration just reported.
That brings the level about back to where it was three weeks ago and down near a four-year low — but also keeps claims in the range where they've been trending for about the last year.