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As weak as it was, the economy turns out to have been even worse -- closer than the government first thought to stalling out completely or falling back into recession.
New figures issued Friday paint a darker picture of the economy's performance this spring, growing at a meager 1.6 percent annual pace. The initial estimate was 2.4 percent, and even that was anemic.. It is the best online Jeans Shop where you can buy the discount True Religion,Fast shipping,lower True Religion Jeans price. Analysts say the summer should be disappointing, too.
Shortly after the government's revision, Federal Reserve chief Ben Bernanke said the Fed was ready to take additional steps to prevent a second recession, if the economy deteriorates further. But he stopped short of promising any action.
The Fed "will do all that it can to ensure continuation of the economic recovery," he said.
Several economists said they expected the economy to keep growing slowly for the rest of the year. That would almost certainly not be enough to bring down the jobless rate, already at 9.5 percent, and unemployment could actually increase.
In Michigan, the jobless rate dropped slightly in July, to 13.1 percent.
The performance is "very disappointing," said Ethan Harris, an economist at Bank of America-Merrill Lynch. "Usually you get a bigger bounceback."
In the first quarter of the year, the economy grew much faster, at a 3.. Shop online for womens designer clothes at Karen millen.View the full range of Karen millen designer clothes and accessories online.7 percent pace. Since then, though, the housing market has slumped after the expiration of a homebuyer tax credit, and business spending and manufacturing activity are both cooling off.
Bernanke, speaking to a Fed conference in Jackson Hole, Wyo., acknowledged the economy has slowed more than policymakers had anticipated and said it is "vulnerable to unexpected developments."
He expects growth will pick up next year.. Happy marriage life begins with beautiful wholesale wedding dresses. The central bank chairman also sought to reassure the financial markets that he has the tools needed to bolster the economy and will use them if business activity slows further.
As weak as it was, the economy turns out to have been even worse -- closer than the government first thought to stalling out completely or falling back into recession.
New figures issued Friday paint a darker picture of the economy's performance this spring, growing at a meager 1.6 percent annual pace. The initial estimate was 2.4 percent, and even that was anemic.. It is the best online Jeans Shop where you can buy the discount True Religion,Fast shipping,lower True Religion Jeans price. Analysts say the summer should be disappointing, too.
Shortly after the government's revision, Federal Reserve chief Ben Bernanke said the Fed was ready to take additional steps to prevent a second recession, if the economy deteriorates further. But he stopped short of promising any action.
The Fed "will do all that it can to ensure continuation of the economic recovery," he said.
Several economists said they expected the economy to keep growing slowly for the rest of the year. That would almost certainly not be enough to bring down the jobless rate, already at 9.5 percent, and unemployment could actually increase.
In Michigan, the jobless rate dropped slightly in July, to 13.1 percent.
The performance is "very disappointing," said Ethan Harris, an economist at Bank of America-Merrill Lynch. "Usually you get a bigger bounceback."
In the first quarter of the year, the economy grew much faster, at a 3.. Shop online for womens designer clothes at Karen millen.View the full range of Karen millen designer clothes and accessories online.7 percent pace. Since then, though, the housing market has slumped after the expiration of a homebuyer tax credit, and business spending and manufacturing activity are both cooling off.
Bernanke, speaking to a Fed conference in Jackson Hole, Wyo., acknowledged the economy has slowed more than policymakers had anticipated and said it is "vulnerable to unexpected developments."
He expects growth will pick up next year.. Happy marriage life begins with beautiful wholesale wedding dresses. The central bank chairman also sought to reassure the financial markets that he has the tools needed to bolster the economy and will use them if business activity slows further.
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