Lack of Consumer Spending Points to U.S. Economic Slowdown

The world’s largest economy will probably keep cooling in the third quarter as a lack of jobs prompts American consumers to rein in spending.

The economy in the U.S. grew at a slower-than-forecast 2.4 percent annual rate from April through June after expanding at a 3.7 percent pace in the previous three months, Commerce Department figures showed yesterday. Household purchases climbed at a 1.6 percent rate following a 1.9 percent first-quarter gain that was smaller than previously estimated.