rssGDP Growth Slows
Friday, August 27, 2010 at 9:44 am
- 8 Comments
Today, the Bureau of Economic Analysis reported that the U.S. economy grew at a 1.6 percent annual pace in the second quarter. The report was a second analysis, revising the number down from an initial estimate of 2.4 percent. That is a dismally slow pace of growth, but better than economists expected. Economic data has been almost uniformly negative for the past two months, and some predicted a rate of growth as low as 1 percent. In the first quarter, GDP grew at a 3.7 percent pace; last year, the pace clocked in at 5 percent.
The Bureau of Economic Analysis knocked 0.8 percentage point, about $25 billion, off of the GDP figure to account for an upward revision to imports and a downward revision to exports and private inventory investments — essentially, business restocked and rebuilt a bit less than the government first guessed.
The numbers give context for a major speech by Ben Bernanke, the head of the Federal Reserve, at 10 a.m. Speaking at a conference, Bernanke might outline new policy measures by the Fed to gin up recovery. The slow pace of GDP growth implies a strong stall-out and poor job growth for the remainder of the year.
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8 Comments
Pingback posted August 27, 2010 @ 10:09 am
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Trackback posted August 27, 2010 @ 10:42 am
GDP Growth Slows…
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Trackback posted August 27, 2010 @ 11:26 am
GDP Growth Slows « The Washington Independent…
I found your entry interesting do I’ve added a Trackback to it on my weblog :)…
Pingback posted August 27, 2010 @ 12:03 pm
[...] GDP Growth Slows “Today, the Bureau of Economic Analysis reported that the U.S. economy grew at a 1.6 percent annual pace in the second quarter. The report was a second analysis, revising the number down from an initial estimate of 2.4 percent. That is a dismally slow pace of growth, but better than economists expected. Economic data has been almost uniformly negative for the past two months, and some predicted a rate of growth as low as 1 percent. In the first quarter, GDP grew at a 3.7 percent pace; last year, the pace clocked in at 5 percent.” [...]
Trackback posted August 27, 2010 @ 12:18 pm
Economic growth slows to 1.6 pct. in the spring…
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Comment posted August 27, 2010 @ 5:17 pm
“Today, the Bureau of Economic Analysis reported that the U.S. economy grew at a 1.6 percent annual pace in the second quarter. The report was a second analysis, revising the number down from an initial estimate of 2.4 percent. That is a dismally slow pace of growth, but better than economists expected.”
If the expected 2.4 % growth, and it was actually 1.6% how is this better then they expected? Is everything spin with these guys. Just tell us the truth. Most of us have noticed the economy and pretty much know what is causing the problems. Just ask and we will tell you what is wrong. We might even be able to help.
Pingback posted September 9, 2010 @ 7:24 am
[...] GDP Growth Slows « The Washington Independent [...]
Comment posted April 2, 2011 @ 3:22 pm
Economic growth in the eurozone slowed sharply in the third quarter as governments’ austerity measures aimed at cutting record budget deficits dented the Continent’s recovery.
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