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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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Reader Comments (2)

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

Aug 26, 2011 at 8:54 AM | Registered CommenterDailyBail
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.

Aug 26, 2011 at 9:00 AM | Registered CommenterDailyBail

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