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Friday, August 26, 2011

Economy Slows To Crawl; Signs Not Good

Well, the latest updated economic reports are in and they don't look good.
In fact, the economy grew much slower than previously thought in the second quarter as business inventories and exports were less robust, according to a government report released today.
The gross domestic product rose at an annual rate of 1.0 percent the Commerce Department said, a downward revision of its earlier estimate of 1.3 percent.
Economists had expected output growth to be revised down to 1.1 percent. In the first quarter, the economy advanced just 0.4 percent. The government's second GDP estimate for the quarter confirmed growth had all but stalled in the first six months of this year.

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