Economic Recovery Picks Up Pace?

August 31, 2012 | Comments Off on Economic Recovery Picks Up Pace?

The Commerce Department reported Wednesday that the economy grew at an annual rate of 1.7 percent in the second quarter, a slightly faster pace than originally predicted. In a separate report, also released Wednesday, the Federal Reserve also reported some improvement, with the economy and employment showing slight expansion or holding steady across the country. 

While the economic reports beat some expectations, there’s still a long way to go, analysts note. “The anemic pace of the recovery is a critical issue in the presidential race, and few economists expect the economy to speed up any time soon,” The New York Times reports. Many economists predict the economy will slow in the second half of the year as unemployment remains high. 

Fed Chair Ben Bernanke will speak at the central bank’s annual gathering later this week, where many are awaiting any signals that the Fed might take any actions to try to boost the economy. 

Source: “Second-Quarter Growth Revised Up to 1.7 Percent Rate,” The New York Times (Aug. 30, 2012)


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