Second Quarter GDP growth much worse than earlier estimated
From the US Commerce Dept
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.3 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter), according to the "third" estimate released by the Bureau of
Circumlocution Economic Analysis. In the first quarter, real GDP increased 2.0 percent.
The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.7 percent...
This information had been known about a week ago by the Federal Reserve Board. This is probably why they went to yet another quantitative easing.
Posted by: lord garth