"Economy Losing Strength," Says Federal Reserve
In an Associated Press story posted at both Breitbart's Big Government and at Huffington Post: "The Federal Reserve said (today) that the U.S. economy is losing strength and repeated a pledge to try to boost growth if hiring remains weak." The AP story went on to say:
"The Fed took no new action after a two-day policy meeting. But it acknowledged in a statement released after the meeting that economic activity had slowed over the first half of the year, with job creation slackening and consumer spending tapering off."
The Huffington Post version went on to add:
"The statement was slightly different than the one issued after the Fed's last meeting, June 19 and 20."In addition to noting that the economy had "decelerated," the Fed's policymaking committee said it would "closely monitor incoming information" and "will provide additional accommodation as needed" to stimulate the economy and job creation. In the June statement the central bank said "the economy has been expanding moderately" and that it "is prepared to take further action as appropriate."
The short version in the Washington Post says, "The Federal Reserve said that the U.S. economy is losing strength with job creation slackening and consumer spending tapering off."
We growled about the economy on July 27, 2012, saying that economic news was getting downright ugly, on July 25, 2012 about the weakness of the economic recovery, and July 17, 2012 about the economic news that Federal Reserve chairman provided to the U.S. Senate Banking Committee.