Economy in U.S. Grew at 1% Annual Pace in 2Q

[marmar]

(Bloomberg) The U.S. economy grew less than previously estimated in the second quarter, capping the weakest six months of the recovery that began in mid 2009.

Gross domestic product climbed at a 1 percent annual rate from April through June, down from a 1.3 percent prior estimate, revised Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 1.1 percent increase. The reduction reflected a smaller increase in inventories and fewer exports.

Slowing job growth and plunging confidence exacerbated by political gridlock and financial-market turmoil this month threaten to weigh on consumer and business spending for the rest of the year. Federal Reserve Chairman Ben S. Bernanke, speaking today at a central bank conference in Jackson Hole, Wyoming, may hint at what tools policy makers can still use to spur growth.

“Consumers don’t look like they’re in much of a mood to buy,” said Robert Brusca, chief economist at Fact & Opinion Economics in New York. “The economy continues weaker than we thought. It looks like it’s losing momentum and trade reflects the weaker economic circumstances abroad.” .............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-08-26/economy-in-u-s-expanded-at-1-annual-pace-in-second-quarter.html

[xchrom]

1. damn. nt

[Dawgs]

2. "Damn", I expected it to be much worse. n/t

[dkf]

3. Ugh. Just what we needed...more bad news.

[dmallind]

4. pretty tepid, mai eppuor se cresce. nt

[livetohike]

5. It's not contracting - so that's a good thing, but it definitely needs

to pick up some steam. I need a new TV, maybe that will help :-).

[marmar]

6. But the trend is toward contraction.

nt

[livetohike]

7. True - the GDP is not heading in the right direction; however,

I remain optimistic that this economy will improve. :-)