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The Commerce Department estimated yesterday that economic growth slowed sharply in the recent quarter from April through June and reported that last year's recession was both longer and deeper than originally thought.
With consumers becoming more cautious, state governments cutting spending and the trade deficit widening, the economy expanded at an annual rate of just 1.1 percent in the second quarter, down from 5 percent the first three months of the year.
"The economy is on a much weaker foundation than thought," said Mark Zandi, the chief economist at Economy.com, a research firm in West Chester, Pa. Growth, he added, has come "to a virtual standstill."
8:43:59 AM 
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