GDP Witnesses 2.4% Decline in America

In this spring, the economic growth in the U.S. witnessed a sharp decrease. As a result, there are increasing fears of unemployment.

Millions of American families are feeling the pressure due to this. On Friday, the Commerce Department of the country revealed that there is a 2.4% increase in the Gross Domestic Product, which is a measure of the value of all goods and services produced in the economy.

The decrease was 35% more as compared to the previous quarter.

Among the financial instability, the fourth consecutive quarter of economic growth has come as a respite.

However, the slowdown in the growth has added to the woes of the Government.

Chief Economist of the Conference Board, a business research group, Bart van Ark, disclosed that second half of the year would witness a further decrease in growth. However, he put the fears of double dip recession to rest.

In the wake of the present slowdown, the House of Representatives declared certain policies to stabilize the market.

The personal spending increased at a yearly rate of 1.6 % in the second quarter. There was a decrease in the personal consumption with the progress of the second quarter.