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Recovery Summer
June
President Barack Obama said on Friday he welcomed news that the U.S. economy grew by 2.4 percent in the second quarter, but said more work was needed to increase that growth rate and generate jobs.
OOPS...
Q2 GDP Growth Could Be Revised To Just 1% After Trade Data
By Ed Carson
Wed., Aug. 11, 2010 12:38 PM ET
June’s trade deficit swelled 18.8% to $49.9 billion, the highest since October 2008. That was much worse than Wall Street predicted — or what the Commerce Department estimated in the recent Q2 GDP report. The new report, along with recent inventory data, suggest Commerce will revise down Q2 economic growth from the already-sluggish 2.4% annual rate to about 1%, according to Action Economics.
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Threaded Mode