US growth in second quarter revised down to 2 percent
Source: The Hill
The U.S. economy grew 0.1 percentage points slower in the second quarter of 2019 than originally estimated, according to data released Thursday by the Commerce Department.
The departments Bureau of Economic Analysis (BEA) revised U.S. gross domestic product (GDP) growth between the period from April to June to 2 percent, 0.1 percentage points less than the initial estimate of 2.1 percent released in July.
Revisions to growth estimates occur throughout the year, and the BEA is set to release a final estimate of second-quarter growth in September. The latest revision is relatively small in magnitude but reinforces concerns that the strong U.S. economy is beginning to slow under the weight of global headwinds and President Trump's trade policies.
The U.S has enjoyed unemployment near historic lows, steady growth and rising wages throughout Trumps term. But there are rising fears that the decadelong stretch of prosperity could end within a year amid a souring economic outlook.
While the U.S. economy has remained strong overall, business investment and manufacturing activity have seen sharp downturns amid the mounting costs of Trumps trade battles with China and Europe. Economic retractions in the U.K. and Germany, slowing growth in China and an array of geopolitical flashpoints have also hurt the global economy.
Read more: https://thehill.com/policy/finance/459284-us-growth-in-second-quarter-revised-down-to-2-percent
Oops...
ProudMNDemocrat
(16,485 posts)theophilus
(3,750 posts)progree
(10,864 posts)according to the Bureau of Economic Analysis.
https://www.bea.gov/news/2019/gross-domestic-product-2nd-quarter-2019-second-estimate-corporate-profits-2nd-quarter
RATE RATE RATE RATE RATE. It did not, I repeat NOT grow 2.0% in the second quarter. Nor did it increase 3.1% in the first quarter. If it did, that would be huge huge huge news and the DOW would be up 2,000 points (or down 2,000 points because investors might fear the Fed will raise interest rates to sky high levels to cool off the wildly overheating economy).
The reported quarterly GDP growth numbers are always always always annualized RATES RATES RATES, even if some reporters (and sloppy writing at the BEA) leave that off, confusing some people to death who are really trying to understand the economy.
rockfordfile
(8,682 posts)FBaggins
(26,696 posts)But we're fooling ourselves if we think that 2% GDP growth is "in the gutter".
Europe has struggled to get to 1% for a decade now.
Brainfodder
(6,423 posts)Inflation not close to being covered by raises, that is why so many are feeling it.
Minimum wage should be way above $20/hr and they are wanting to phase $15 over years, it's ridiculous!
You jump right to the NEEDED $, corporations cut us no FUCKING breaks, and really we (the people) are (part of) corporations. (that some hide behind, some better than others)
Do we even have a future? Mother nature....