Q2 GDP falls 1.0%, shallower than past 6 months (Q1 GDP rev'd down to -6.4%)

[UpInArms]

Source: CBS Marketwatch

WASHINGTON (MarketWatch) - The U.S. economy contracted at a much smaller rate than in the past six months, the Commerce Department reported Friday. Real gross domestic product fell at a 1.0% annualized rate in the second quarter, compared with an average 5.9% drop over the past two quarters. However, this is the fourth straight quarter with a contraction in GDP. This has never happened before since records began in 1947. The big story for the second quarter was in the much smaller decrease in business investment, exports and inventories. There was also an upturn in federal and state government spending. The government also released comprehensive benchmark revisions to GDP data, but they did little to change the basic story of the economy.

Read more: http://www.marketwatch.com/story/q2-gdp-falls-10-shallower-than-past-6-months-2009-07-31

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U.S. Q1 GDP revised down 6.4% vs -5.5 prev est
8:30am Today

[ixion]

1. it's tragically funny how a smaller decrease (but a decrease nonetheless)

is being spun as a 'recovery'.

These idiots wouldn't know a depression from a recovery if it bit them on the a**.

[GoesTo11]

3. I blame Obama

for the continued decrease. Why isn't he increasing GDP?

[Yavin4]

10. Because He Was Born In Kenya

Everybody knows that Kenyans don't know how to increase the GDP.

[No Elephants]

15. Oh, they know. They just count on everyone else's gullibility.

[fasttense]

2. Until the jobs being created out pace the jobs disappearing, there will be NO Real Recovery. n/t

[marketcrazy1]

5. how many times was

first Q GDP revised DOWN!! 2,3,4??? 2nd Q GDP will also be revised DOWN!! count on it!! lots of nasty brown shoots in that report............

[AllentownJake]

4. Can we stop calling this a recession now?

[4dsc]

6. All thanks to 30 years of conservative economic policies..

I cannot hammer that thought home enough here and elsewhere.. We are witnessing the utter failure of conservative economic polices that have plagued the middle class and poor over the past 30 years.. I don't know it this administration can even come close to fixing the problem that took decades to create..

Where does the recovery start??

[Hugin]

7. Thanks for pointing this out.

If you hadn't, I would have.

[SeeHopeWin]

13. Wouldn't it be wonderful if the signs all turn positive right now under Obama's leadership?

And don't forget, taxes are going up in 2010, which I strongly believe is good for the economy!

[SeeHopeWin]

8. Good to see such VERY GOOD news...We needed this!

God Bless President Obama and his actions on the economy. To reverse such disaster is really a HUGE accomplishment!

[Dr.Phool]

9. It wasn't Obama, it was Jesus!

I wonder what 1% will look like when the revisions come in. There's a lot of cutting going on out there.

[greiner3]

11. You are correct;

I believe that General jesus came in a different role this time, that of a person who kicked all the republicans out of the wall street; or something like that.

[SeeHopeWin]

12. Even if this is revised lower, by that time, we will anew positive number for the 3Q...

I am keeping my fingers crossed:

3Q GDP: +0.8%
4Q GDP: +1.7%

I am betting on America!

[peacebird]

14. what will Q2 be revised down to when Q3 comes out? Jobless "recovery" is BS.