Skip to comments.GDP: Economy Grew at Sluggish 1.5% Rate in 2Q
Posted on 07/27/2012 6:16:55 AM PDT by kristinn
The U.S. economy grew at an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The slowdown in growth adds to worries that the economy could be stalling three years after the recession ended.
The Commerce Department also said Friday that the economy grew a little better than previously thought in the January-March quarter. It raised its estimate to a 2 percent rate, up from 1.9 percent.
Growth at or below 2 percent isn't enough to lower the unemployment rate, which was 8.2 percent last month. And most economists don't expect growth to pick up much in the second half of the year. Europe's financial crisis and a looming budget crisis in the U.S. are expected to slow business investment further.
The Commerce Department also revised its growth estimates for the past three years. Those revisions showed that the economy contracted 3.1 percent in 2009, slightly less than the 3.5 percent previously reported. Growth in 2010 was put at 2.4 percent, down from 3 percent, with growth in 2011 at 1.8 percent instead of 1.7 percent.
The U.S. economy has never been so sluggish this long into a recovery. The Great Recession officially ended in June 2009.
(Excerpt) Read more at chicagotribune.com ...
We tried our way, and it worked! The private sector is being destroyed just as we planned.
My name is Inigo Montoya ... they keep using that phrase. I do not think it means what they think it means.
I read that the growth in June was just above 0.
Katie bar the door - this’ll be all over the news today.
I watched the headlines at 9am on Fox CNN and Msnbc. Fox top story was the GDP, CNN and MSNBC went with Romney blunders in London. CNN never mentioned the GDP at any point that I could see.
UpChuck Todd on MSNBC did not have it on his list at all as far as I could see, speaking of the GDP. His headline was Romney gives gift to Obama in Britain
Over at WaPo, the O’Vomit kool-aid drinkers are busy defending their feckless, I mean FEARLESS leader. Wow, yep, all we need is four more years of this.
And he;s claiming in campaign speeches that his plan was tried and it worked.
A jobless recovery, and now a skidding recovery. The WaPo article even says in as many words, that “the US economy has never been this sluggish this far in to a recovery”.
Seriously, I’m poppin’ popcorn and inviting friends over one week from this morning at 8:30 eastern to watch the unemployment reports and the spin the community organizer will put on it.
Hey, that’s it...he just needs to organize the business community and convince them to hire people—at least until the election.
Some of the commercials are beating the snot out of the Communist thug.
It Worked and You didn’t build that.
Hopefully Romney has not peaked. I want 57 states.
I think the rest of the jobs reports, and even the Thursday numbers will be totally fixed by the democrat labor dept career employees/appointees the rest of the way. They have been lying for some time.
I suspect some of these months that they claim anywhere from 0-90,000 jobs, are in fact really losses
What happened to My plan worked!?
It is amazing to me, that a country the size of the US, with its rich history, rich resources and capabilities seems to be constantly lagging when it comes to economic growth.
Obviously this is solely down to the circumstances created by successive governments and the Congress. It is almost as if they want the US to fail, in fact I can really see no other logical explanation.
Wow “never before been”....I guess one might call that....Unprecedented.
I guess nobody built it.
So far what I’ve seen is the upward revision of the previous quarter highlighted by “the news.”
It DID work, just as he planned; fundamentally transforming America!
You both hit the nail on the head. The point is that in a nation rich in resources, nobody is building anything. Our government refuses to let us use them whenever it can.
We have a treasure trove of oil, gas, and valuable metals just waiting for us to tap into them. There is no reason we could not return to our status as the economic, manufacturing and financial powerhouse of the world.
The only excuse for not doing so is a stupid electorate that keeps voting it’s own impoverishment.
“Wall Street rose on Friday following a report on economic growth which met expectations and on hopes for further stimulus from the Federal Reserve and the European Central Bank.”-Reuters
This news is worth +400 on the Dow. Hey, the private sector is doing fine...