Aug. 26, 2011, 9:01 a.m. EDT
U.S. growth revised lower to 1% for second quarter
Economy grew at tepid 1.0% pace as exports, inventory slow
By Jeffry Bartash, MarketWatch
WASHINGTON (MarketWatch) — The U.S. economy grew slower in the second quarter than initially reported, the government said Friday, mainly because of lower exports and less inventory restocking.
The Commerce Department said gross domestic product rose at a 1.0% annual rate, down from an original reading of 1.3%, seasonally adjusted. That matched the forecast of economists surveyed by MarketWatch.
The newly revised growth numbers reinforce the view that the economy remains in a very fragile state. First-quarter growth was an even worse 0.4%.
While the U.S. economy has expanded at an average rate of 2.5% over the past two years, that’s much slower than is typically the case after a sharp recession. What’s more, the unemployment rate remains unusually high at 9.1% at this stage of the economic cycle.
Full story: http://www.marketwatch.com/story/us-growth-revised-lower-in-second-quarter-2011-08-26
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