The economy slowed down earlier this summer across the United States still high unemployment and weak home sales plus a slowdown in manufacturing.
A survey by the Federal Reserve, released Wednesday found that consumers are not spending as much and slow job growth along with lending restrictions hampering growth into the second half of the year. This is the worst statistics this year.
The Fed’s survey showed factory output is weak, there have been reduced orders for airplanes, autos, heavy machinery and other long-lasting manufactured goods in June.
The Fed’s report found that the job market remained weak in most of the 12 districts. Sales of cheaper prices items were strong in the Kansas City district, but sales of many luxury / high end items there remained very slow.
Severe weather like droughts and flooding weakened seven districts with major agricultural sectors, the report said.
The national economy re-iterates recent data on hiring and manufacturing. Economists expect growth for the April-June quarter will be only 1.7 percent, the second straight quarter of anemic expansion.
In June, employers added only 18,000 jobs, the fewest in nine months. And the unemployment rate rose to 9.2 percent, the highest in a year.
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