2nd quarter GDP growth came in at 1.5%. To any economically literate person, this is terrible news. But to the media, we are in boom times!
U.S. economic growth slowed less than expected in the second quarter as consumers spent at their slowest pace in a year, potentially pushing the Federal Reserve closer to pumping more money into the economy.
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.
Excluding inventories, GDP rose at a 1.2 percent rate, the weakest pace since the first quarter of 2011. In the first quarter, the comparable figure was 2.4 percent.
Since “economists” where expecting 2nd Quater GDP to come in at 1.3%, the media claims that 1.5% is awesome. The economy slowed less than expected. They are doing everything to prop up their beloved god-king. You bet if it was a Republican President, they would be hounding about an anemic economy
Tags: 2nd quarter GDP