Stagnant, at best. The Associated Press summarizes succinctly:
US economic growth slows to 1.5 percent annual rate from April-June, consumer spending weakens.
Reuters points out another interesting figure:
Gross domestic product expanded at a 1.5 percent annual rate between April and June, the weakest pace of growth since the third quarter of 2011, the Commerce Department said on Friday. Dow Jones consensus estimates forecast growth at a 1.3 percent pace. First-quarter growth was revised up to a 2.0 percent pace from the previously reported 1.9 percent. Output for the fourth quarter was raised to a 4.1 percent rate from 3.0 percent.
I guess the good news is that one of last year's quarterly reports understated our economic growth. The bad news is that this data would suggest an even starker deceleration in 2012. Not to worry, though -- I'm sure tax increases on job creators and half-a-trillion in unpaid for additional "stimulus" will do the trick. Then again, we shouldn't need any tricks; the president said his plan "worked," remember? Parting thought: Will Republicans somehow take this GDP statistic "out of context," too?
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