US economic growth slower than expected, offshore savings account holders told
Offshore savings account holders may be interested to learn that initial first-quarter growth estimates for the US economy have been revised down.
Figures released by the Commerce Department revealed expansion of three per cent during the first three months of the year, rather than the 3.2 per cent the organization had previously claimed.
Naroff Economics Advisers president Joel Naroff warned the sluggish pace of the recovery is "not going to bring a lot of smiles", adding: "At this pace of economic growth, it will take a long time to bring the unemployment rate down to more reasonable levels."
The number of adults out of work in the US remains high, after increasing to 9.9 per cent in April, with a total of 15.3 million Americans currently jobless.
Earlier this week, research carried out by the National Association for Business Economics predicted economic expansion of 3.2 per cent in 2010 and 2011, revised upwards from an earlier forecast of 3.1 per cent.
Written by Chris Moore