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US economic growth slowed to an annual rate of 1.5 per cent in the second quarter as consumers cut back on spending amid a weak job market and global turmoil.
The increase in gross domestic product was higher than the 1.4 per cent analysts had expected but confirmed that the recovery has slowed since the beginning of the year. Growth in the first three months of 2012 was revised to 2 per cent from an earlier reading of 1.9 per cent.
Consumer spending was the slowest in a year, rising just 1.5 per cent after a 2.4 per cent expansion in the first quarter.
http://link.ft.com/r/J0VG55/
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