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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 445.60

-10.1%

Jan 30 4:00 PM EST

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From: 2MAR$	7/29/2011 8:54:25 AM
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Contagion Concerns Resurface In Europe 247wallst.com oh really? Now Spain .... Stories Economy Growing at Slowest Pace Since Recession WASHINGTON (AP) -- The economy expanded at meager rate of 1.3 percent annual rate in the spring after scarcely growing at all in the first three months of the year, the Commerce Department said Friday. The combined growth for the first six months of the year was the weakest since the recession ended. The government revised the January-March figures to show just 0.4 percent growth -- down sharply from its previous estimate of 1.9 percent. High gas prices and scant income gains forced consumers to pull back sharply on spending in the spring. Stock futures fell after the report was released. The sharp slowdown means the economy this year will likely grow at a weaker pace than last year. And economists don't expect growth to pick up enough in the second half of the year to lower the unemployment rate, which rose to 9.2 percent last month. Economists had initially thought that a Social Security payroll tax cut would boost growth enough to lower the unemployment rate. But most of that money has gone to pay for higher gas prices. And employers have pulled back on hiring after seeing less spending by Americans. Consumer spending was almost flat this spring. It increased only 0.1 percent, after 2.1 percent growth in the winter. Spending on long-lasting manufactured goods, such as autos and appliances, fell 4.4 percent. Government spending fell for the third straight quarter. And state and local governments cut spending, the seventh time in eight quarters since the recession ended. contd

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