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 ...
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.
Geez, did I miss something?
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.
Every single GOP candidate should be POUNDING this fact home.
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
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.
The previous number was REVISED DOWN so that THIS QUARTER COULD BE LARGER THAN IT ACTUALLY WAS..........................
Yeah, you missed all the unicorns crapping skittles...............
The second great depression that the left will never speak of.
true.
Which begs the question: Why should I believe the second quarter GDP number?
Stagflation II...just what one would expect from Jimmah Obama.
“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.
bingo
1.9% down to .4%? Wow! Unexpected!
Funny thing is that if there were no Bush recession, they could have gotten completely away with this destruction without anyone noticing.
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