Economy slows sharply, inflation heats up (AP)

WASHINGTON - The economy's growth slowed sharply in the second quarter, logging just a 2.5 percent pace as consumers tightened their belts and spending on home building nose-dived. Inflation, however, shot up. The latest snapshot of gross domestic product released by the Commerce Department " /> SEARCH News | News Photos | Images | Web " /> Commerce Department on Friday showed that the overall pace of economic activity in the April-to-June quarter was less than half that of the January-to-March ...