London, July 28 (ANI): The economic growth of the United States has slowed in the second quarter to an annualised pace of 1.5 percent, as consumer spending eased, according to a report.
According to figures released by the US Department of Commerce, the nation's economy shrank by 4.7 percent from the start of the recession in 2007 until it ended in 2009.
However, the report said that the growth in the first three months of the year was revised up to 2 percent from a previous estimate of 1.9 percent.
According to the BBC, the Dow Jones index closed up 188 points, or 1.5 percent, at 13,076, its highest level since early May.
"The economy continues to face serious headwinds that have dampened growth and limited gains in employment," the Commerce Department report said.
However, despite the sluggish growth, the second quarter economic growth figures were better than expected and US stocks rallied sharply, the report said.
The Commerce Department said that the slowdown reflected weaker consumer spending, which rew by 1.5 percent in the second quarter, compared with 2.4 percent growth seen in the first quarter.
The report also cited an acceleration in imports as being a factor behind the slowdown in growth. (ANI)