US fears another economic recession
Washington, Jul 31: United states' economy fears another recession. The fear loomed after Commerce Department publishing the reports of second quarter that ended on Friday, Jul 30.
The report shows slower growth in the second quarter. At the same time International Monetary Fund (IMF) also reported that the US' financial system remains fragile.
Commerce Department reported that US economy continued to grow during the second quarter with the gross domestic product (GDP) rising at a slower than expected 2.4 percent annual rate during the three months ended Jun 30, 2010.
Revisions to annual GDP rates also indicate that the economic downturn was worse than the government previously estimated, and the recovery was more slack.