GDP grows slender 1.3% in second quarter (1Q revised SHARPLY down, markets tanking)

Marketwatch ^ | 7.29.11 | MarketWatch

[Free Vulcan]

This means that this quarter's number, if not revised down, plus the revised 1Q number basically equals the original 1Q estimate. We are essentially stagnant, which is what the rest of the economic data has been showing all along.

The markets are tanking. We are close to hitting an uptrend line whose initial point was the bottom of the last bear market. If we bust that, bull market's over.

[umgud]

to mark the weakest six-month period since the recovery began.

Geez, did I miss something?

[Williams]

How much do you want to bet that recent “slightly not so bad” unemployment report gets revised down, as well?

It seems every month they issue these statistics as less bad than the last few months, then they get revised to be just as bad.

This is a scam. Lomg time business people say they have never seen things this bad.

[ScottinVA]

Furthermore, first-quarter GDP was drastically revised downward to show just a 0.4% gain from the initially reported 1.9% improvement.

Every single GOP candidate should be POUNDING this fact home.

[silverleaf]

when they mark the 2Q down after “adjusted figures” come in, it will be a technically defined recession

the obama recession

which in actuality is the effect of his disastrous ideological beliefs and their impact on economic policies to deal with the Bush recession

We see almost the perfect result of one party democrat rule, coming to fruition

[ladyvet]

Summer of recovery....green shoots.....Oh, that was LAST year!

[BillM]

Keep in mind that QE2 was injecting $800B into the economy over the first half. If that rate only got us here, the second half without QE will be a DEPRESSION!

These SOB’s have trashed the greatest nation on Earth.

[Farmer Dean]

Naw,you didn't miss anything.You just failed to buy into all the government sponsored BS.

[Red Badger]

The previous number was REVISED DOWN so that THIS QUARTER COULD BE LARGER THAN IT ACTUALLY WAS..........................

[Red Badger]

Yeah, you missed all the unicorns crapping skittles...............

[NoKoolAidforMe]

The second great depression that the left will never speak of.

[ken21]

true.

[Common Sense 101]

Furthermore, first-quarter GDP was drastically revised downward to show just a 0.4% gain from the initially reported 1.9% improvement.

Which begs the question: Why should I believe the second quarter GDP number?

[OB1kNOb]

There's got to be an "unexpected" somewhere in this, so I'll just go ahead and say, "Drink"!

[kittymyrib]

Stagflation II...just what one would expect from Jimmah Obama.

[E-2K]

“since the recovery began”

The real story here is the Q1 revision. Funny how the GDP numbers and unemployment numbers continue to undergo such major post-reporting revisions. By revising Q1 downward at at the same time we report Q2, we have thankfully avoided two consecutive quarters of downward GDP. The first two Q1 revision reports came in at 1.8%, then on June 24 Q1 was revised upward to 1.9%. Now,1 month later we were off by a huge margin at 1.9%. This way, going from .4% Q1 to 1.3% Q2, voila - we just continue to be in this murky “up one quarter, down the next” sputtering “recovery” where everything is unexpected. The poor economists. They just can’t get a handle on their expectations. I’m calling BS.

[anniegetyourgun]

bingo

[rawhide]

1.9% down to .4%? Wow! Unexpected!

[Crucial]

Funny thing is that if there were no Bush recession, they could have gotten completely away with this destruction without anyone noticing.