Posted on 08/26/2011 10:45:50 AM PDT by tobyhill
The US economy grew at a weaker pace than initially believed in the second quarter, the government said Friday in a report that underscored the tenuous nature of the two-year-old recovery.
The Commerce Department lowered its estimate for second-quarter growth in gross domestic product to an annual rate of 1.0 percent from the first quarter, from a prior reading of 1.3 percent.
"The recovery continues, but is extremely fragile. The economy has expanded just 1.5 percent over the past year, too weak to create the job growth necessary for a self-sustaining expansion," said Augustine Faucher at Moody's Analytics.
Growth in the April-June period was hit primarily by downward revisions to inventory investment and exports, that were only partly offset by upward revisions to business fixed investment and consumer spending.
The second-quarter reading was a tick worse than analysts expected, and followed near-stalled GDP growth of 0.4 percent in the first quarter.
(Excerpt) Read more at google.com ...
Totally unexpected.
I don’t understand WTF this market rally is about.
Everywhere you look, the future is grim.
BTW, that 1% was actually .07%
It's totally corrupted & manipulated as 99% of this once great nation.
Yeah. The market dropped like a rock until he said they would blow more smoke up our *** in Sept, and then viola! We had a rally!
Finally, a rate of growth that is sustainable. Didn’t you just hate it when growth varied between 2 and 4 percent? Made me dizzy. Now if they would just stop inventing all those new inventions!
Let’s not forget that GDP really grew 1/4% in the second quarter. The 1% figure is multiplied by 4 — annualized in the government’s terms. Exaggerated to make it sound better is the real reason.
Yea, those Bush years of 7% growth and 4.5% unemployment was just horrible.
These are the good ole days with less than 1% growth and unemployment at 9.8% average over the past 3 years.
Money line of the day:
“Bernake scrares me more than any hurricane!”
Let's not forget that the second quarter is when all the construction activity resumes and factories spew out inventory for fall. So the real state of the economy must really suck, (Of course most of that already is known by us flyover folks).
it’s a lot worse if you look at the numbers in terms of # ounces of gold
the fiat currency is used to smooth out the fluctuations... but it’s also masking the reality
This hurricane is just another excuse for Obama to use about his horrific economy.
SO figure this is really about 1.0% and we'll hear about it closer to the end of the year.
Hickory smoke?
I hear it makes great fertilizer...
BullChip Smoke.
Which rally would that be? The one where stocks have dropped 15% since the end of July?
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