Economy shrank less than expected in 2nd quarter

[WI_DEM]

WASHINGTON - The economy shrank less than expected in the second quarter as businesses and consumers trimmed their spending at a slower pace, buttressing beliefs that the economy is now growing.

The 0.7 percent dip in gross domestic product for the April-June quarter follows the 6.4 percent annualized drop in the first three months of this year, the worst slide in nearly three decades. In the final quarter of last year, the economy sank at a rate of 5.4 percent

The new reading on second-quarter GDP, reported by the Commerce Department on Wednesday, shows the economy shrinking less than the 1 percent pace previously estimated. It also was better than the annualized 1.1 percent drop that economists were predicting.

(I think the Obama stimulus and things like Cash for Clunkers can be given some credit & lst time housing credits)

http://enews.earthlink.net/article/top?guid=20090930/4ac2e5d0_3421_1334520090930-1242956952

[kestrel91316]

1. But, but, ZOMG, Obama's such a FAILURE!!!1!!11!

[Oregone]

2. "I think the Obama stimulus and things..."

But we need to *grow* the economy, not just help it shrink a little less each month, and shed fewer jobs (its still shrinking and shedding).

Thats why, well, people were fiercely advocating a more aggressive, more targeted stimulus in the first place. And some were arguing an additional correction. Subsequently, they were told to stand in the same alley as the Single-Payer losers, and shut the fuck up.

[scheming daemons]

3. LOL.... the "let if fail" brigade are unreccing this thread....