US economy grows at 1.7 pct. pace in 2nd quarter

[mystery-ak]

http://apnews.myway.com/article/20130731/DA7SG7EO0.html


US economy grows at 1.7 pct. pace in 2nd quarter

Jul 31, 8:31 AM (ET)

By CHRISTOPHER S. RUGABER

WASHINGTON (AP) - U.S. economic growth accelerated in the April-June quarter to a seasonally adjusted annual rate of 1.7 percent, as businesses spent more and the federal government cut less.

The Commerce Department says growth improved from a sluggish 1.1 percent rate in the January-March quarter, which was revised from an initial 1.8 percent rate. The pickup in growth was surprising as most economists predicted a far weaker second quarter.

Consumers increased their spending more slowly in the second quarter. And a surge in imports reduced growth by the most in three years. But the federal government cut spending only 1.5 percent. And state and local governments increased spending for the first time in a year.

Economists are hopeful that growth could improve to around 2.5 percent in the third and fourth quarters.

[GourmetDan]

The Commerce Department says growth improved from a sluggish 1.1 percent rate in the January-March quarter, which was revised from an initial 1.8 percent rate. The pickup in growth was surprising as most economists predicted a far weaker second quarter.

So Q1 initially came in at 1.8% and was revised down to 1.1%.

Now Q2 initial comes in at 1.7% and we have a 'surprising pickup in growth'?

Take your pill, drink your kool-aid, all is well...

[SouthTexas]

So Q1 initially came in at 1.8% and was revised down to 1.1%.

Now Q2 initial comes in at 1.7% and we have a 'surprising pickup in growth'?

Take your pill, drink your kool-aid, all is well...

Rick Santelli said this was "recalculated" this morning when he reported.  Don't know what they altered in figuring it, but he obviously felt it note worthy.

[Oceander]

So Q1 initially came in at 1.8% and was revised down to 1.1%.

Now Q2 initial comes in at 1.7% and we have a 'surprising pickup in growth'?

Take your pill, drink your kool-aid, all is well...

Exactly.  And if 1.8 was "revised" to 1.1, then my layperson's suspicions tell me 1.7 will be "revised" to 1.0.  In other words, what we actually have is a drop in the rate of economic growth, not an increase.