Glum Econmic News For June

The economic recovery slowed down in June.  Consumer spending fell by .02 percent, which can be blamed in part on rising gas and food prices.  Workers saw incomes rise by only .01 percent, the smallest increase in nine months.  On a positive note, personal savings rose 5.4 percent.

Hiring in June was at the lowest level in nine months.  Only 18,000 net jobs were added and the unemployment rate rose to 9.2%.

Some economic forecasters are lowering their outlook for economic growth in the second half of the year from 2.5 percent to 2.0 percent.

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