Fed's Bullard: Growth Potential Slower Than A Few Yrs Ago:CNBC |
| Wall Street Journal - Jul 30, 2010 |
The potential for growth is somewhat slower than it was two to three years ago, St. Louis Federal Reserve President James Bullard said Friday.
Bullard's comment came just after data that showed the U.S. economy slowed in the second quarter of this year, and the government said the recession was deeper than earlier believed, adding to worries about the U.S. recovery's strength.
Bullard, a voting member of the interest-rate-setting Federal Open Market Committee, was being interviewed on "Squawk Box" on CNBC.
Data showed U.S. gross domestic product rose at an annualized seasonally adjusted rate of 2.4% in April to June. In its first estimate of the economy's benchmark indicator, the government said growth was lifted by business investments and exports. Consumer spending, a key growth engine for the U.S. economy, made a smaller contribution. Economists polled by Dow Jones were expecting GDP to rise by 2.5%. In the first quarter, the economy grew by 3.7%, revised up from an originally reported 2.7% increase. But growth estimates back to the start of 2007 were revised lower.
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- Posted: 2010-07-30 11:29:27
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