Thursday, July 28, 2011

US economic growth slows: Fed

Federal Reserve headquarters

Source: Press TV

The US Federal Reserve has released a new survey showing an economic slowdown in much of the country's twelve federal districts in the summer of 2011.

"Economic activity continued to grow; however, the pace has moderated” in seven of the twelve districts, the US central bank said in its July Beige Book report which was released on Wednesday.

The report links the slowdown to a number of factors such as a weakening in production output, a slower job growth, weaker consumer spending as well as a tighter credit, the Associated Press reported.

Manufacturing has been one of the few bright spots in the US economy over the past two years. So the decline in factories' output is likely to raise concerns.

The release of the survey coincides with a report from the Commerce Department, which confirmed the findings of the Federal Reserve.

The official jobless rate in the US now stands at 9.2 percent. However, when unemployment is measured according to the formula that was used when former US President Bill Clinton took office, it is more likely to be around 20 percent.

Furthermore, teen unemployment rate in the United States stands at 24.5 percent.

The US needs to add about 250 thousand jobs per month to bring down the unemployment rate.

The Fed's Beige Book report is released eight times a year.

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