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US economy grew just 1.0% in second quarter (Another adjusted downgrade)
AFP ^ | 8/26/2011 | AFP

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 ...


TOPICS: Extended News; News/Current Events
KEYWORDS: economy; gangsta; globalist; mafia

1 posted on 08/26/2011 10:45:52 AM PDT by tobyhill
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To: tobyhill

Totally unexpected.


2 posted on 08/26/2011 10:49:23 AM PDT by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: tobyhill

I don’t understand WTF this market rally is about.
Everywhere you look, the future is grim.


3 posted on 08/26/2011 10:49:41 AM PDT by mylife (OPINIONS ~ $ 1.00 HALFBAKED ~ 50c)
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To: tobyhill

BTW, that 1% was actually .07%


4 posted on 08/26/2011 10:50:43 AM PDT by mylife (OPINIONS ~ $ 1.00 HALFBAKED ~ 50c)
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To: mylife
Because Bernie said that they will meet 2 days in September and Wall Street expects to get some Gubermint money out of it.
5 posted on 08/26/2011 10:51:10 AM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
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To: mylife
I don’t understand WTF this market rally is about. Everywhere you look, the future is grim.

It's totally corrupted & manipulated as 99% of this once great nation.

6 posted on 08/26/2011 10:52:51 AM PDT by Digger (T)
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To: tobyhill

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!


7 posted on 08/26/2011 10:55:52 AM PDT by mylife (OPINIONS ~ $ 1.00 HALFBAKED ~ 50c)
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To: Jim Robinson
Obama just needs to spread a little more unicorn poop and this economy will really take off.
8 posted on 08/26/2011 10:56:47 AM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
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To: tobyhill

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!


9 posted on 08/26/2011 10:58:29 AM PDT by Redmen4ever
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To: tobyhill

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.


10 posted on 08/26/2011 10:58:48 AM PDT by BfloGuy (In old fashioned language, Keynes proposed cheating the workers.)
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To: Redmen4ever

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.


11 posted on 08/26/2011 11:09:13 AM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
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To: BfloGuy

Money line of the day:

“Bernake scrares me more than any hurricane!”


12 posted on 08/26/2011 11:10:31 AM PDT by lone star annie
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To: BfloGuy
Let’s not forget that GDP really grew 1/4% in the second quarter.

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).

13 posted on 08/26/2011 11:12:07 AM PDT by AmusedBystander (The philosophy of the school room in one generation will be the philosophy of government in the next)
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To: tobyhill

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


14 posted on 08/26/2011 11:18:05 AM PDT by sten (fighting tyranny never goes out of style)
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To: lone star annie
Love that line.

This hurricane is just another excuse for Obama to use about his horrific economy.

15 posted on 08/26/2011 11:18:11 AM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
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To: tobyhill
The economy has expanded just 1.5 percent

SO figure this is really about 1.0% and we'll hear about it closer to the end of the year.

16 posted on 08/26/2011 12:05:59 PM PDT by HeartlandOfAmerica (Geithner: Taxes on 'Small Business' Must Rise So Government Doesn't 'Shrink')
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To: mylife

Hickory smoke?


17 posted on 08/26/2011 12:48:56 PM PDT by AceMineral (Some people are too stupid for their own good.)
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To: tobyhill

I hear it makes great fertilizer...


18 posted on 08/26/2011 12:50:57 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: AceMineral

BullChip Smoke.


19 posted on 08/26/2011 1:01:52 PM PDT by mylife (OPINIONS ~ $ 1.00 HALFBAKED ~ 50c)
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To: mylife

Which rally would that be? The one where stocks have dropped 15% since the end of July?


20 posted on 08/26/2011 1:38:40 PM PDT by Newtoidaho (Fight organized crime. Vote out all incumbent Democrats!)
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To: tobyhill; SeekAndFind; Whenifhow; RipSawyer; M. Espinola; Quix; Joya; stephenjohnbanker; ...
Zero Hedge's view on the subject of Fed Policy:

Federal Reserve Policy Mixed With Extreme Weather Has Put The World On A Fast Track To Revolution And War

21 posted on 08/26/2011 3:36:07 PM PDT by ex-Texan (Ecclesiastes 5:10 - 20)
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To: tobyhill
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

1.5 percent is less than the inflation fudging the Obama administration has been dking, so we actually experienced negative growth.

22 posted on 08/26/2011 3:52:19 PM PDT by CharacterCounts (November 4, 2008 - the day America drank the Kool-Aid)
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