US economic growth stumbling

THE economy in large parts of the United States worsened earlier this summer because of weak property sales and signs of a slowdown in manufacturing, a report revealed last night.

The Federal Reserve survey said that seven of the Fed’s 12 bank regions reported slower growth in June and early July compared with the spring. That is a poorer showing than in the previous survey.

Of the remaining five districts, four reported modest growth. A fifth, the Minneapolis district, said its economy was disrupted by bad weather and the shutdown of Minnesota’s state government.