Economy Grew At Slower 1% Rate In Spring

(WASHINGTON) — The U.S. economy grew at a meager 1 percent annual pace this spring, a slower rate than previously estimated. The downward revision will likely increase fears that the economy is at risk of another recession.

Fewer exports and weaker growth in business stockpiles led the Commerce Department to lower its estimate for the April-June quarter from its previous rate of 1.3 percent growth. That means the economy expanded only 0.7 percent in the first six months of the year.

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