U.S. GDP Revised Down To 1% For Q2

This is just the first revision.  The final revision for Q2 GDP comes September 29.

Read the full release HERE.

WASHINGTON (MarketWatch) - The U.S. economy grew 1.0% in the second quarter, down from an original estimate of 1.3%, the Commerce Department said Friday. The decline stemmed mainly from slower export growth and less restocking of inventories. Economists surveyed by MarketWatch predicted GDP would be revised down to 1.0% on a seasonally adjusted basis. The increase in exports was lowered to 3.1% from 6.0%. Inventories, meanwhile, increased by $40.6 billion, but that was less than the prior estimate of $49.6 billion. On the upside, consumer spending rose 0.4% in the second quarter instead of 0.1% as initially reported. Consumer spending is the single biggest source of growth in the U.S. economy. Corporate profits, meanwhile, rose 3.0% to $57.3 billion. Real disposable personal income, which adjusts for inflation, rose 1.0% in the second quarter and 1.2% in the first quarter. That's higher than the prior 0.7% estimate for each period. The core personal consumption expenditure index - an inflation gauge that excludes food and energy prices - rose 2.2%.

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[DailyBail]

ROUBINI: "The New QE Season Is About To Start As Advanced Economies Sink Into A Double Dip"

http://www.businessinsider.com/roubini-qe-season-double-dip-2011-8#ixzz1W8gbj2S4

[DailyBail]

There are 13.9 million unemployed people in the U.S. – and that just counts those looking for work. That works out to 9.1% of the labor force, the widely publicized unemployed rate.

But here are a few more ways to look at it.

There are more unemployed people in the U.S. than there are people in the state of Illinois, the fifth largest state.

http://blogs.wsj.com/economics/2011/08/19/the-united-states-of-unemployment/