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brooklynite

(93,853 posts)
Thu Aug 29, 2019, 02:07 PM Aug 2019

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 department’s 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 Trump’s 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 Trump’s 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



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US growth in second quarter revised down to 2 percent (Original Post) brooklynite Aug 2019 OP
So much winning. I can't stand it. ProudMNDemocrat Aug 2019 #1
WompWomp. Who woulda thunk it. He is steering us off a cliff. n/t theophilus Aug 2019 #2
"Real gross domestic product (GDP) increased at an annual RATE of 2.0 percent in the second quarter" progree Aug 2019 #3
The economy is in the gutter. rockfordfile Aug 2019 #4
Only compared to what Trump said he was going to do FBaggins Aug 2019 #5
It's been down since late 70's? Brainfodder Aug 2019 #6

progree

(10,864 posts)
3. "Real gross domestic product (GDP) increased at an annual RATE of 2.0 percent in the second quarter"
Thu Aug 29, 2019, 03:11 PM
Aug 2019

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

Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the second quarter of 2019 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1 percent. ((no it didn't, it increased at a 3.1% RATE in the first quarter, dammit. Look at the fucking graph, it says "Real GDP: Percent change from preceding quarter Seasonally adjusted at annual rates - Progree))


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.

FBaggins

(26,696 posts)
5. Only compared to what Trump said he was going to do
Thu Aug 29, 2019, 03:43 PM
Aug 2019

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)
6. It's been down since late 70's?
Thu Aug 29, 2019, 04:25 PM
Aug 2019

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....

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