2Q GDP at 1.5% — Annualized to 1.3%
U.S. economic growth pulled back further during the second quarter of the year as consumer spending slowed–a reading that suggests domestic fiscal worries may becoming a more significant drag.
The nation’s gross domestic product–the value of all goods and services produced–grew at an annual rate of 1.5% between April and June, the Commerce Department said Friday. The reading is down from the upwardly revised 2.0% growth rate during the prior three months and a 4.1% rate in the fourth quarter of 2011.
Economists surveyed by Dow Jones Newswires had expected 1.3% annualized growth during the second quarter.
That performance redefines the word “pathetic”. But, you know, that’s not something we really want to talk about during this election season, so let’s concentrate on frivolous things instead, shall we (hey, I thought the left hated manufactured controversies?)?