US growth falls to 2.2 pct

US growth falls to 2.2 pct

WASHINGTON -Agence France-Presse
US economic growth slowed sharply to 2.2 percent in the first quarter of the year, official data showed April 27, a reading that will rekindle fears that the economy is headed for another spring stumble.

Gross domestic product (GDP) growth had hit 3.0 percent in the final quarter of 2011.

“The US economy is clearly expanding, but just as clearly it’s expanding at a rate that is too slow to put reliable, significant downward pressure on joblessness,” said Josh Bivens of the Economic Policy Institute.

US unemployment currently stands at 8.2 percent.

The figures will help frame the crucial first steps of a general election race between President Barack Obama and Republican Mitt Romney that could hinge on voters’ notions about the economy.