The U.S. economy grew at a modest pace during the second quarter as gross domestic product increased by only 1.5 percent, the U.S. Commerce Department reported.
The nation’s economic growth has slowed from a 2.0 percent GDP increase in the first quarter and a 4.1 percent increase during the fourth quarter of 2011.
“Our economy continues to heal from the worst economic downturn since the Great Depression, but there is much more work to be done,” said Acting U.S. Commerce Secretary Rebecca Blank. “The data released today show that we have seen 12 quarters of consecutive GDP growth, largely coinciding with the 28 straight months of private sector job gains totaling 4.4 million new jobs created. Additionally, GDP growth numbers for the last quarter of 2011 and the first quarter of 2012 were revised up, showing a stronger than originally reported economy during that period. However, our economy continues to face several headwinds including a drag from a decline in state and local government activity and the economic slowdown in other countries, especially in Europe.”