Thursday, August 30, 2012

Second quarter GDP growth revised down

From the BEA:

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.7 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter), according to the "second" estimate released by the Bureau of Economic Analysis.  In the first quarter, real GDP increased 2.0 percent.  
A 1.7 percent growth rate is below the 2.5 percent (or so) rate necessary for real employment growth.