SHRINKING

Economic Recovery Loses Steam

Disappointing news on the economic front: The pace of U.S. consumer spending slowed to 1.6 percent in the second quarter as Americans became reluctant to open their wallets. Meanwhile growth in Gross Domestic Product, the broadest measure of the economy, grew at an annual pace of 2.4 percent. The GDP figure was slightly weaker than expected and the slowest growth pace in nearly a year.