From Associated Press:

The economy slowed sharply in the first three months of the year as high gas prices cut into consumer spending, bad weather delayed construction projects and the federal government slashed defense spending by the most in six years.

The Commerce Department said Thursday that the economy grew at a 1.8 percent annual rate in the January-March quarter. That was weaker than the 3.1 percent growth rate for the October-December quarter. And it was the worst showing since last spring when the European debt crisis slowed growth to a 1.7 percent pace.

Federal Reserve Chairman Ben Bernanke and other economists say the slowdown last quarter is a temporary setback. They generally agree that gas prices will stabilize and the economy will grow at a 3 percent pace in each of the next three quarters.

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Vice President Biden keeps recycling his unemployment speeches – except he keeps confusing suburbs of his hometown of Scranton:

1.  On October 19, he used Minooka:

My pop — my grandpop used to say — there was a suburb of Scranton called Minooka. He said, “When the guy in Minooka’s out of work, it’s an economic slowdown. When your brother- in-law’s out of work, it’s a recession. When you’re out of work, it’s a depression.”  Well, it’s a depression — it’s a depression for millions of Americans, through no fault of their own.

2.  On October 30, 2009, he used Dickson City (the correct spelling):

My grandpop used to have an expression. We’re from Scranton. He’d say — and I mean this literally. It wasn’t viewed as a joke. He said, “Joey, when the guy in Dixon City,” a small town above Scranton, “is out of work, it’s an economic slowdown. When you’re brother-in-law is out of work, it’s a recession. When you’re out of work, it’s a depression.” And it’s a depression for millions of American people.

3.  On December 3, 2009, at the White House jobs summit, he used Throop:

There used to be an expression, and I’m not joking, my grandfather always used it. He was from Scranton, Pennsylvania. He said, “When the guy from Throop is out of work, it’s an economic slowdown. When your brother-in-law is out of work, it’s a recession. When you’re out of work, it’s a depression.” And it is a depression for over 10 million Americans…

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