Washington ? For everyone suffering through the housing slump, the economy feels your pain.

Economic growth slowed to a snail’s pace of 1.6 percent in the just-finished quarter – the most sluggish showing in more than three years.

The main culprit behind the subpar performance: a housing market that has turned sour. Investment in homebuilding was cut by the largest amount in 15 years.

The latest snapshot of economic activity, released Friday by the Commerce Department, stirred fresh debate about the country’s financial health heading into the elections Nov. 7.

The new reading on the economy, which fell short of the 2.1 percent pace analysts were forecasting, disappointed economists, rattled investors and gave Republicans and Democrats plenty to argue about.

Economic matters are expected to influence voters’ choices when they go to the polls.

President Bush’s approval rating on the economy is at 40 percent among all adults surveyed in an AP-Ipsos poll. That remains near his lowest ratings.