Q2 GDP Revised Up To 1.3% Rate

The Commerce Department reported that real gross domestic product in the U.S. during the second quarter rose at a revised annual rate of 1.3 percent, up from a previously reported estimate of a 1.0 percent annual rate. This is the third and final estimate for economic growth during the April-to-June period and it will be followed by the highly anticipated “advance” estimate for third quarter growth in late-October.

Consumer spending rose at a 0.7 percent annual rate, up from the previously reported 0.4 percent increase, and spending on non-residential construction projects was revised upward while government spending was less than previously reported.

Unfortunately, growth rates seen in recent quarters are more reflective of population growth rather than a healthy economy that continues to expand at a faster rate and, as such, will do little to reduce the unemployment rate.

Read more at The Mess That Greenspan Made