Information received since the Federal Open Market Committee met in June suggests that economic activity decelerated somewhat over the first half of this year. Growth in employment has been slow in recent months, and the unemployment rate remains elevated…
The Committee expects economic growth to remain moderate over coming quarters and then to pick up very gradually. Consequently, the Committee anticipates that the unemployment rate will decline only slowly toward levels that it judges to be consistent with its dual mandate…
via FRB: Press Release–Federal Reserve issues FOMC statement–August 1, 2012.
How has it changed ?
The Fed altered its overall assessment of the economy. It now says that the economy “decelerated somewhat” compared with last month’s “expanding moderately.”
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