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Edited on Mon Aug-03-09 12:42 PM by JohnWxy
The 2nd Qtr's 1% drop in GDP was less than economists had predicted and compares to the -6.4% drop in the first Qtr.
Wow, Obama's REPUBLICAN DYSTOPIA Recovery Plan seems to be working BETTER than anyone expected (AT LEAST THAT WAS THE IMPRESSION THE TALKING HEADS OF CORPORATE MEDIA GAVE - THEY MUST BE CRYING IN THERE LATTES NOW !!_JW . Meanwhile Republicans keep on hoping for more bad news(and predicting it, hoping talking down the situation will create more fear and negativity which certainly won't help Obama and the Dems clean up thIS Republican Disaster). Frankly, I'm surprised the Republican Dystopia Recovery Plan is getting results this fast. I thought it would be a lot worse a lot longer. The damage to the economy has been enormous. We came within a heart-beat of a Great Depression II last fall and winter.
Wow, Obama is better than I thought. Hercules cleans the Augean stables!!!
US economy appears poised to start growing again - AP
The small drop in gross domestic product for the April-to-June period (-1%__JW), reported Friday by the Commerce Department, followed a dizzying free fall in the first three months of this year. The economy plunged at an annual rate of 6.4 percent in the first quarter, the worst in nearly three decades.
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Many economists had predicted a slightly worse 1.5 percent annualized contraction in second-quarter GDP, which is considered the best gauge of U.S. economic health. GDP measures the value of all goods and services -- everything from cars, clothes and computers to makeup, manicures and machinery -- produced in the United States.
"The recession seems to be largely over with at this point," said economist Joel Naroff, president of Naroff Economic Advisors. "We still have a long way to go to get back to full health." (yes, Joel, maybes by teh economic definition the recession is nearing a close, in human terms the Republican Dystopia won't be behind us until we get back to something resembling full employement. ONLY THEN we may be able to say good-bye to the REPUBLICAN DYSTOPIA - second only to the GREAT DEPRESSION__JW).
Behind the better second-quarter performance were other signs of a fading recession: less drastic spending cuts by businesses, a resumption of federal and local government spending and an improved trade picture.
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The figures released Friday provide the most compelling evidence to date that the current recession has been the worst since the Great Depression. It has taken a 3.9 percent bite out of economic activity so far, said Mark Zandi, chief economist at Moody's Economy.com
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The New York Times
The American economy’s long decline leveled off significantly from April through June, the government reported on Friday, crystallizing expectations of a turnaround in the second half of the year.
The nation’s output shrank at an annual pace of 1 percent in the second quarter, after contracting at a rate of 6.4 percent earlier this year. Government spending, helped by the first payments from the administration’s $787 billion stimulus package, propped up activity in the latest quarter and accounted for 20 percent of the country’s output.
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the report released Friday included revisions that revealed this recession had been deeper than previously believed, and officially cast the downturn as the longest since the Great Depression, at 18 months.
“We’re going from recession to recovery, but at least early on, it’s not going to feel like one,” said the chief economist at Moody’s Economy.com, Mark Zandi. Bright economic spots include a pickup in the stock market, corporate profits and some housing markets, coupled with a slowing pace of job losses.
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