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Friday, September 28, 2012

Economy On The Slide

Obama and his ilk will tell you this is - somehow - good news:
GDP report: Economic growth revised lower
By Annalyn Censky, CNNMoney

New York (CNNMoney) -- The U.S. economy grew even slower than initially reported in the second quarter, as both consumers and businesses spent less than originally thought, and the drought in the Midwest limited agricultural production.

Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 1.3% from April to June, the Commerce Department said Thursday, slower than the 1.7% rate the government last reported in August.

The downward revision came as a surprise to economists who were largely expecting the figure to remain unchanged. It also marked slower growth than in the first three months of the year, when GDP accelerated at a 2% annual rate.

"The 1.3% increase in GDP was the weakest since the third quarter of last year and one of the weakest seen since the recovery began three years ago," said Chris Williamson, chief economist for Markit. "The weakening was evident across businesses and consumers." [link]
Remember this when you go to the polls in November: If Obama is reelected, this is as good as it gets. For four ... more ... years ...