Mixed data point to wobbly recovery

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The Friday reports are the latest data to suggest that the economy continued to spin its wheels in the second quarter, though there were some signs of optimism the recovery could regain momentum later in the year.

Highlighting concerns over the slower pace of growth since the beginning of the year, the International Monetary Fund cut its forecast for U.S. economic growth, warning Washington and debt-ridden European countries that they are “playing with fire” unless they take immediate steps to reduce their budget deficits.

U.S. consumer sentiment worsened more than expected in June on renewed concerns about the outlook for the economy, the Thomson Reuters/University of Michigan survey showed.

Full Article: Economy spins wheels, Washington playing with fire on budget