warning Hi, we've moved to USCANNENBERGMEDIA.COM. Visit us there!

Neon Tommy - Annenberg digital news

U.S. GDP Grows 1.5 Percent In Second Quarter

Subrina Hudson |
July 27, 2012 | 9:13 a.m. PDT

Executive Producer

U.S. economic growth saw only slight increase of 1.5 percent from April to June. (Sai89AJ/Flickr)
U.S. economic growth saw only slight increase of 1.5 percent from April to June. (Sai89AJ/Flickr)
The U.S. economy grew by 1.5 percent in the last three months, validating concerns that the economy is lacking momentum, according to a report released Friday by the Commerce Department.

The Washington Times said it is estimated that the slight growth seen in the second quarter is the weakest quarterly GDP growth since last fall. Consumer spending makes up 70 percent of economic activity, and according to the report, consumer spending "slowed to an annualized rate of 1.5 percent, down from 2.4 percent in the first three months of the year."

The unemployment rate was 8.2 percent last month and a Growth rate below 2 percent is not enough to lower the unemployment rate. According to the Times, "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 Jaunary unless policy makers find an alternative-dampen confidence."

Reach Executive Producer Subrina Hudson here; follow here on Twitter here.



Craig Gillespie directed this true story about "the most daring rescue mission in the history of the U.S. Coast Guard.”

Watch USC Annenberg Media's live State of the Union recap and analysis here.