News / Economy

US Economy Grew Weakly in Second Quarter

A man changes fuel prices at a ConocoPhillips gas station in Little Rock, Ark. The price of oil fell to its lowest point in nearly two months. U.S. consumer confidence slow, encouraging, Sept. 26, 2012A man changes fuel prices at a ConocoPhillips gas station in Little Rock, Ark. The price of oil fell to its lowest point in nearly two months. U.S. consumer confidence slow, encouraging, Sept. 26, 2012
x
A man changes fuel prices at a ConocoPhillips gas station in Little Rock, Ark. The price of oil fell to its lowest point in nearly two months. U.S. consumer confidence slow, encouraging, Sept. 26, 2012
A man changes fuel prices at a ConocoPhillips gas station in Little Rock, Ark. The price of oil fell to its lowest point in nearly two months. U.S. consumer confidence slow, encouraging, Sept. 26, 2012
TEXT SIZE - +
VOA News
The U.S. says its economy advanced at an even slower pace than first thought in the April-to-June period.

The government said Thursday that the American economy grew 1.3 percent in the second quarter, down from an earlier projection of 1.7 percent. In a separate report, it said that orders for long-lasting U.S. manufactured goods fell sharply in August, a new sign that factory production could diminish.  

The U.S. has the world's largest economy, but it has struggled to recover from the depths of the 2008 recession, the worst downturn since the Great Depression of the 1930s.

The state of the U.S. economy is the central issue in the country's presidential election campaign. Many voters blame President Barack Obama for the sluggish pace of the recovery, possibly imperiling the re-election of the incumbent Democrat. Republican challenger Mitt Romney says the president's economic policies have failed and that he could add 12 million new jobs over the next four years.

Despite this, both support for Obama among registered voters and his job approval rating have been 50 percent or higher.

Some information for this report was provided by AP and AFP.

You May Like

South Africa to Host World's Biggest Telescope

South Africa competed against Australia to host the telescope, the final decision was to split the SKA between the two countries More

Report: Global Warming Could Reverse Development

World Bank study says warmer climates threaten advances and could exacerbate poverty in world’s poorest regions More

Video Inmates Fight Fires, Gain Skills for Life After Prison

In California, physically fit inmates with no history of violent crimes can train, work as firefighters while serving their time More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Video

Video Human Rights Film Festival Highlights Gender, Economic Issues

Twenty new films from around the world are screening in New York this week, as part of the 24th annual Human Rights Watch Film Festival, co-presented by the Film Society of Lincoln Center and IFC Center. The issues explored range from the rights of women, gays and the disabled, to economic justice, to political murder, torture and wrongful imprisonment. VOA’s Carolyn Weaver reports from New York.

World Currencies

EUR
USD
0.7773
JPY
USD
102.64
GBP
USD
0.6579
CAD
USD
1.0209
INR
USD
54.767

Rates may not be current.