U.S. economic growth slowed more sharply than initially thought in the second quarter, held back by the largest increase in imports in 26 years, a government report showed on Friday.Pretty good racket, this "better than expected" thing.
Gross domestic product expanded at a 1.6 percent annual rate, the Commerce Department said, instead of the 2.4 percent pace it had estimated last month.
However, the reading was a touch better than market expectations. Analysts polled by Reuters had forecast GDP, which measures total goods and services output within U.S. borders, revised down to a 1.4 percent growth rate. The economy grew at a 3.7 percent pace in the first three months of the year.
If all printers were determined not to print anything till they were sure it would offend nobody, there would be very little printed. -- Benjamin Franklin
Friday, August 27, 2010
Surprise, Surprise, Surprise
The 2nd quarter GDP revision is in at 1.6%, a downward revision but...better than expected! (of course).
Aim low and you'll never be disappointed. Underestimate and over deliver, etc, etc
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