A drop in consumer spending resulted in the US economy growth slowing to an annual rate of 1.5% according to the Commerce Department. That’s down almost a full percentage point from the first quarter of the year.

The Commerce Department also put some of the blame on an increase in imports during the same time period.

“As campaigning [for President] gets serious, the economy is losing momentum not gaining,” Mark Gregory of the BBC reported. “That’s bad news for President Obama’s chances of hanging onto his job in November.” Continue reading →