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GDP grows slender 1.3% in second quarter (1Q revised SHARPLY down, markets tanking)
Marketwatch ^ | 7.29.11 | MarketWatch

Posted on 07/29/2011 6:27:04 AM PDT by Free Vulcan

WASHINGTON (MarketWatch) — Gross domestic product expanded at a paltry 1.3% annual rate, the Commerce Department said Friday to mark the weakest six-month period since the recovery began.

Furthermore, first-quarter GDP was drastically revised downward to show just a 0.4% gain from the initially reported 1.9% improvement. And the recession proved to be deeper than initially projected. See related story about the recession.

Economists had forecast GDP, the inflation-adjusted, seasonally adjusted value of all goods and services produced in the United States, growing at a 1.6% rate in the second quarter.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Breaking News; Business/Economy; Culture/Society; News/Current Events
KEYWORDS: economy; gdp; obamadepression; obamanomics; obamarecession; quarterly; unexpected
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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.

1 posted on 07/29/2011 6:27:10 AM PDT by Free Vulcan
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To: Free Vulcan
to mark the weakest six-month period since the recovery began.

Geez, did I miss something?

2 posted on 07/29/2011 6:29:30 AM PDT by umgud
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To: Free Vulcan

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.


3 posted on 07/29/2011 6:30:39 AM PDT by Williams (Honey Badger Don't Care)
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To: Free Vulcan
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.

4 posted on 07/29/2011 6:31:40 AM PDT by ScottinVA (As a party that gives Obama what he wants, what again is the GOP`s 2012 selling point?)
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To: ScottinVA

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


5 posted on 07/29/2011 6:36:35 AM PDT by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: Free Vulcan
Summer of recovery....green shoots.....Oh, that was LAST year!
6 posted on 07/29/2011 6:36:35 AM PDT by ladyvet ( I would rather have Incitatus then the asses that are in congress today.)
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To: Free Vulcan

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.


7 posted on 07/29/2011 6:36:56 AM PDT by BillM
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To: umgud
Naw,you didn't miss anything.You just failed to buy into all the government sponsored BS.
8 posted on 07/29/2011 6:37:20 AM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: Free Vulcan

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


9 posted on 07/29/2011 6:39:27 AM PDT by Red Badger (PEAS in our time? Obama cries PEAS! PEAS! when there is no PEAS!..........................)
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To: umgud

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


10 posted on 07/29/2011 6:40:26 AM PDT by Red Badger (PEAS in our time? Obama cries PEAS! PEAS! when there is no PEAS!..........................)
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To: Free Vulcan

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


11 posted on 07/29/2011 6:45:49 AM PDT by NoKoolAidforMe (I'm clinging to my God and my guns. You can keep the change.)
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To: Williams

true.


12 posted on 07/29/2011 6:46:12 AM PDT by ken21 (liberal + rino progressive media hate palin, bachman, cain...)
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To: Free Vulcan
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?

13 posted on 07/29/2011 6:46:33 AM PDT by Common Sense 101 (Hey libs... If your theories fly in the face of reality, it's not reality that's wrong.)
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To: Free Vulcan
There's got to be an "unexpected" somewhere in this, so I'll just go ahead and say, "Drink"!


14 posted on 07/29/2011 6:51:56 AM PDT by OB1kNOb (Financial Repression.......it answers a lot of questions.....read about it on FinancialSense.com.)
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To: Free Vulcan

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


15 posted on 07/29/2011 6:58:03 AM PDT by kittymyrib
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Comment #16 Removed by Moderator

To: Farmer Dean

“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.


17 posted on 07/29/2011 7:05:35 AM PDT by E-2K
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To: NoKoolAidforMe

bingo


18 posted on 07/29/2011 7:05:57 AM PDT by anniegetyourgun
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To: Free Vulcan

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


19 posted on 07/29/2011 7:08:20 AM PDT by rawhide
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To: BillM

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


20 posted on 07/29/2011 7:09:41 AM PDT by Crucial
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