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28 July 2017 14:41 (South Africa)

Economic rebound weaker than expected

Okay,okay, the economy is growing, but US consumers are too scared to spend the country into a real recovery. According to government reports, the economy grew at 2.8% in the last quarter, and forecasts for the current quarter are for very modest growth which will drop off again in 2010. The commerce department's new reading on GDP was weaker than the 3.5% rate for July-September estimated just a month ago. The US industrial Conference Board's latest survey of consumer confidence found that, as the country enters the holiday shopping season, consumers remain gloomy with unemployment and tight credit having sapped their willingness and ability to spend freely. These readings on economic growth and consumer confidence have driven stocks down from their 13-month highs. For more, read the AP

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