WEAK ECONOMIC GROWTH – AT 11:03 A.M. ET: With all the attention on the Supreme Court, the media tended to ignore a depressing new economic report. From AP:
The U.S. economy expanded at a 1.9 percent annual rate in the first three months of the year, a weak pace that few economists see changing much this year.
The Commerce Department on Thursday made no change in its third and final estimate for growth in the January-March quarter. Slower growth in consumer spending was offset by faster growth in businesses investment, leaving the overall pace the same.
A sluggish job market and diminished consumer and business confidence have kept the economy from accelerating in the April-June quarter. Most economists say growth has likely stayed roughly the same.
Growth of around 1.9 percent typically generates roughly 90,000 jobs a month. That's too weak to lower the unemployment rate, which was 8.2 percent last month.
COMMENT: Pathetic. We need 150,000 new jobs every month just to keep up with population growth. We are in bad shape.
June 28, 2012