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Economic growth drags at 1.5 percent

The U.S. economy grew at an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The slowdown in growth adds to worries that the economy could be stalling three years after the recession ended.

By Martin Crustsinger | Updated on July 27, 2012
Worker Maria Contrero, of Boston, operates a sole press during the assembly process at the New Balance Athletic Shoe Inc. factory in Boston. (AP Photo/Steven Senne, File)

WASHINGTON (AP) — The U.S. economy grew at an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The slowdown in growth adds to worries that the economy could be stalling three years after the recession ended.

The Commerce Department also said Friday that the economy grew a little better than previously thought in the January-March quarter. It raised its estimate to a 2 percent rate, up from 1.9 percent.

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