As per a financial report the US economy is heading up to a possible double dip recession because of its slower rate of growth. The economists of US have said the economy of the country is going back in to negative growth from 30% to 40% and the Australian share market is the evidence of the fall in US economy in this week.

The economist from AMP Capital, Shane Oliver has said the economy of US seems to be heading from bad to worse in this year as the rate of growth fell down to a record low of 1.6% in the first six months of this year.

The expectations of the customers for a strong economy from the government had slipped down in the month of August as both the existing home sales and car sales fell down badly in that month.

The US housed prices and the number of new orders also fell down in July. Meanwhile the weekly retail sales figures showed slowness in the business conditions. This fall in the economic growth forced the US Federal Reserve to think seriously about the country's economy.