Hooray! GDP Up 1.5%

The numbers for the 2nd quarter GDP are out, and some are celebrating, since some expected 1.3% (some expected 1.5%, though), and got 1.5%. Um, a clue for those celebrating: 1.5% sucks.

(Bloomberg) The U.S. economy expanded at a slower pace in the second quarter as a softening job market prompted Americans to curb spending.

Gross domestic product, the value of all goods and services produced, rose at a 1.5 percent annual rate after a revised 2 percent gain in the prior quarter, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 1.4 percent increase. Household purchases, which account for about 70 percent of the world’s largest economy, grew at the slowest pace in a year.

Apparently, the Obama plan “worked”.

Trending: The 15 Best Conservative News Sites On The Internet

Drew M: “Clearly these numbers have been taken out of context.”

Ed Morrissey: “Expectations must have been pretty low for a 1.5% GDP to spark optimism.”

Strangely, 2011 4th was revised up from 3.0% to 4.1%, which is a strange jump, however, that makes the 2012 slowdown look even worse than it is. Which is pretty bad.

However, don’t forget, the private sector is doing fine

Share this!

Enjoy reading? Share it with your friends!