The U.S. economy grew less than expected in the second quarter as consumer spending barely rose, and growth braked sharply in the prior quarter, a government report showed on Friday.
Growth in gross domestic product—a measure of all goods and services produced within U.S. borders—rose at a 1.3 percent annual rate, the Commerce Department said.
First-quarter output was sharply revised down to a 0.4 percent pace from 1.9 percent.
Economists had expected the economy to expand at a 1.8 percent rate in the second quarter.
In addition, fourth-quarter growth was revised down to a 2.3 percent pace from 3.1 percent, indicating that the economy had already started slowing before the high gasoline prices and supply chain disruptions from Japan hit.
Economists had expected the economy would show signs of perking up by now with Japan supply constraints easing and gasoline prices off their high, but data has disappointed.
..yeah, whatevs. Every time you turn around, this jerk promises that he will be doing a laser-like focus on some aspect of his job responsibility, only to have that dissolve into a mist of campaign speeches, rounds of golf, or vacations. It also seems like this idiot is living in a perpetual fantasy world juiced by statistical revisions. The art of the game is to cook the books and juice the numbers for every last ounce of good news you can get and then bury the actual numbers behind a manufactured debt crisis showdown or something. I ain't sayin' he's doing this (or causing this to be done) but why is it that good numbers are always being revised downward?
Remember this, boys and girls, the last weekly jobless claims figure came in a couple of days ago at 398,000 and was heralded by the MSM tongue-bathers as significant because it was below the 400K mark. I got a dozen Dunkin Donuts that says that figure gets revised upward a couple of weeks from now above 400K to the sound of crickets from the Knee Pad Media.
But everything is just hunky dory -- or, should I say business as usual? Why is it that The Magic Negro schedules these speeches for a specific time and then is ALWAYS late? It turns out that this is a habit with him:
Waddya wanna bet that, if he loses Next November, he won't move out of 1600 Pennsylvania Avenue until St patrick's day?