GDP growth has been revised up to 1.7%. This is an anemic figure, yet the media is cheering this number!
The U.S. economy fared slightly better than initially thought in the second quarter, but the pace of growth remained too slow to shut the door on further monetary easing from the Federal Reserve.
Gross domestic product (learn more)expanded at a 1.7 percent annual rate, the Commerce Department said in its second estimate on Wednesday as stronger export growth offset a pull-back in restocking by businesses wary of sluggish domestic demand.
That was up from last month’s 1.5 percent estimate and in line with economists’ expectations. The economy grew at a 2.0 percent pace in the January-March period.
Boom times are here again, let’s cheer!
Tags: GDP, The Obama Boom
