• US economy grew less than forecast
• Swedish stocks dive as US economy slowed

WASHINGTON (AFP) - The US economy is expanding at a "solid rate," President Barack Obama's top economic advisor said Friday, after data showed slower-than-expected growth of 2.4 percent in the second quarter.

Aide Christina Romer lauded a fourth consecutive quarter of growth, after a deep recession, but admitted "much work clearly remains to be done."

"This solid rate of growth indicates that the process of steady recovery from the recession continues," she said.

"Nevertheless, faster growth is needed to bring about substantial reductions in unemployment."