Financial Times FT.com

US economy cools amid shopping slowdown

By Reuters (WASHINGTON)

Published: July 30 2004 17:13 | Last updated: July 30 2004 17:13

The US economy braked more sharply than expected in the second quarter as shoppers curbed their free-spending ways amid a sharp advance in energy prices, government data released on Friday showed.

US gross domestic product, a measure of total output within the nation’s borders, climbed at a modest 3 percent annual pace in the April-June period after an upwardly revised 4.5 per cent clip at the start of the year, the Commerce Department said.

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