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US economy grows 2.4 pc in June quarter

The US economy expanded at a slower pace at 2.4 per cent for the three-month period ended June 2010, primarily due to lower consumer spending.

world Updated: Jul 30, 2010 20:43 IST

The US economy expanded at a slower pace at 2.4 per cent for the three-month period ended June 2010, primarily due to lower consumer spending.

The latest figure comes amid rising concerns that American economic growth is losing steam as the country continues to battle high unemployment levels.

"Real gross domestic product -- the output of goods and services produced by labour and property located in the United States -- increased at an annual rate of 2.4 per cent in the second quarter of 2010," the US Bureau of Economic Analysis (BAE) said on Friday.

Analysts were expecting the national economy to expand about 2.6 per cent in the June quarter.

The second-quarter growth figure is based on "source data that are incomplete or subject to further revision".

The latest data showed that US economy grew 3.7 per cent in the 2010 first quarter as against the earlier projection of 2.7 per cent.

"Real personal consumption expenditures increased 1.6 per cent in the second quarter, compared to an increase of 1.9 per cent in the first," BEA said in a statement.

Meanwhile, the second-quarter economic activities were boosted by positive contributions from non-residential fixed investment, exports and private inventory investment, among others.

The Federal Reserve Chairman Ben Bernanke had earlier said if necessary, the central bank would take more policy measures to bolster economic growth.

The labour market situation continues to remain sluggish and the jobless rate stood at 9.5 per cent in June.