red states rule
05-25-2011, 11:33 PM
Another hope and change update. if you think things are bad now wait until winter hits
WASHINGTON (AP) -- The economy hit a soft patch in the first three months of this year, caused by a big jump in oil prices, and the impact of those higher prices are likely to weigh on growth for the rest of the year.msg
After growing at an annual rate of 3.1 percent in the final three months of last year, the economy slowed to just 1.8 percent growth in the January-March period.
The Commerce Department is scheduled to revise that figure Thursday. Analysts surveyed by FactSet are looking for an upward revision to around 2.2 percent growth, still a lackluster pace.
Going forward, many analysts believe the economy will perform only slightly better in the current April-June quarter and in the second half of this year. They see overall growth, as measured by the gross domestic product, bumping along at an annual rate just below 3 percent.
"The rest of this year is not going to be a barn burner," said Sung Won Sohn, an economics professor at the Martin Smith School of Business at California State University. "The higher energy prices are going to continue to cascade throughout the economy."
And in addition to higher energy prices, there are also concerns that the European debt crisis could once again threaten to derail the U.S. economy, just as it did in the spring of 2010.
http://hosted.ap.org/dynamic/stories/U/US_ECONOMY?SITE=NCAGW&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-26-00-03-46
WASHINGTON (AP) -- The economy hit a soft patch in the first three months of this year, caused by a big jump in oil prices, and the impact of those higher prices are likely to weigh on growth for the rest of the year.msg
After growing at an annual rate of 3.1 percent in the final three months of last year, the economy slowed to just 1.8 percent growth in the January-March period.
The Commerce Department is scheduled to revise that figure Thursday. Analysts surveyed by FactSet are looking for an upward revision to around 2.2 percent growth, still a lackluster pace.
Going forward, many analysts believe the economy will perform only slightly better in the current April-June quarter and in the second half of this year. They see overall growth, as measured by the gross domestic product, bumping along at an annual rate just below 3 percent.
"The rest of this year is not going to be a barn burner," said Sung Won Sohn, an economics professor at the Martin Smith School of Business at California State University. "The higher energy prices are going to continue to cascade throughout the economy."
And in addition to higher energy prices, there are also concerns that the European debt crisis could once again threaten to derail the U.S. economy, just as it did in the spring of 2010.
http://hosted.ap.org/dynamic/stories/U/US_ECONOMY?SITE=NCAGW&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-05-26-00-03-46