Friday, July 31, 2009

GDP report for second quarter, better than expected, still sucks

chart_gdp.03.gif (GIF Image, 220x437 pixels)

Bloomgberg: "U.S. gross domestic product contracted at a 1 percent annual rate in the second quarter, following a revised 5.4 percent drop in the first three months of 2009, according to the Commerce Department. "

Associated Press: "The economy sank at a pace of just 1 percent in the second quarter of the year, a new government report shows. It was a better-than-expected showing that provided the strongest signal yet that the longest recession since World War II is finally winding down.

The dip in gross domestic product for the April-to-June period, reported by the Commerce Department on Friday, comes after the economy was in a free fall, tumbling at an annual rate of 6.4 percent in the first three months of this year. That was the sharpest downhill slide in nearly three decades."

Posted via web from jackierad's posterous