The government will release its first estimate of how fast the economy grew in the second quarter Friday. Economists estimate that the economy bounced back from very slow growth in the first quarter to more than 3 percent in the second.
As David Wessel, deputy Washington bureau chief for The Wall Street Journal, tells Steve Inskeep, despite that growth, consumer spending is slowing down, largely because of the housing slump.
That slowdown, Wessel says, means that, "For a time, the economy will be propelled not by consumers, but by business investment, or hopefully, exports."
A bright spot, Wessel says, is that the world economy is strong — Europe is growing strongly, and Japan is emerging from its long downward trend.