Growth Revised Higher To 4% In Second Quarter

MarketWatch ^ | 08/30/2007 | Rex Nutting

[zencat]

The U.S. economy bounced back in the second quarter, growing at a 4% annual real growth rate, the Commerce Department reported Thursday. The upward revision to second-quarter gross domestic product is likely to have a minimal impact on financial markets, however, which are preoccupied by the credit crunch.

[Nervous Tick]

>> The upward revision to second-quarter gross domestic product is likely to have a minimal impact on financial markets, however, which are preoccupied by the credit crunch.

I just love the snide little prognostications that financial writers think are obligatory every time they state a simple fact!

It’s hilarious to see the explanations that they tag every market move with at the end of the day... as though they didn’t say exactly the opposite yesterday.

[Bigoleelephant]

Has there been a quarter in recent memory that hasn't been revised upward? It seems like when the numbers come out the MSM sings their tired tune that the economy is slowing down; yet two months later the numbers are revised and not a peep from the MSM.

Surprise. Surprise.

[jdsteel]

I agree wholeheartedly with your comment about the “financial press”. Snarky AND clueless! Our GDP is still in the “Goldilocks” range....not too hot & not too cold.

[The South Texan]

And these same idiots in the press and so called experts are calling for a recession soon.

[bolobaby]

Exactly. Always revised upward. Always.

You’d THINK someone else beside us non-economists on FR would notice that revision trend!

[zencat]

I just love the snide little prognostications that financial writers think are obligatory every time they state a simple fact!

Count on it and it's nearly always negative. State the fact fist, "The economy grew at a rate of X%, BUT will it be enough to forestall fears of the coming recession."

[mmichaels1970]

Growth revised higher to 4% in second quarter

"Though the top-line growth number has changed, our conclusion has not -- the rate of growth seen during the second-quarter is clearly not sustainable, and was not even before the credit markets went wobbly on us," wrote Richard Moody, chief economist for Mission Residential.

We're ALL GONNA DIE!!!!! The economy is growing WHAT AWFUL TERRIBLE NEWS! Especially on the 2yr anniversary of Katrina. Please save us Mr. President....using somebody besides FEMA.

[nw_arizona_granny]

Ping.

[NC28203]

Has there been a quarter in recent memory that hasn’t been revised upward?

It happened just last quarter.
1Q07 Advance GDP estimate released April 27, 2007 - 1.3%
1Q07 Preliminary GDP Estimate released May 31, 2007 - 0.6%
1Q07 Final GDP Estimate released June 29, 2007 -0.7%

[Bigoleelephant]

Correct me if I'm wrong but -1.3 to -.7 is actually upward.

I realize -.6 to -.7 is down but by only .1. If we go from the original number, -.6 is up from -1.3.

[NC28203]

Sorry bad fotrmatting on my part. That’a a dash, not a negative sign. 1Q GDP was revised downward from 1.3% to 0.6% in May.

[Bigoleelephant]

Aha! In that case...

D'OH! on my part