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September 27, 2012
2Q GDP revised downward to 1.3%: Re-elect the President!
It's great to have a president whose policies are working so splendidly. Oh, wait... The U.S. economy grew at an even more sluggish pace in the April-June quarter than previously believed as farm production in the Midwest was reduced by a severe drought. The overall economy grew at an annual rate of 1.3 percent in the spring, down from its previous estimate of 1.7 percent growth, the Commerce Department said Thursday. The big revision reflected that the government slashed its estimate of crop production by $12 billion. About half of the downward revision to growth came from the decline in farm inventories. But other areas were weaker as well including slower consumer spending and less growth in exports. The 1.3 percent growth in the spring followed a sluggish 2 percent growth rate in the first quarter, rates too slow to lower unemployment. The unemployment rate was 8.1 percent in August. Most expect it to stay around 8 percent for the rest of this year because they...(Read Full Post)