Q2 GDP overstated by 50%! Revised downward to 1.6% from 2.4%

Imports stifle 2nd-quarter growth

Economic growth was revised down to a sluggish 1.6 percent annual rate in the second quarter, pointing to an even softer performance in the third quarter.

. . .

Gross domestic product growth previously was estimated at 2.4 percent and analysts had feared it would be pushed down even more sharply. But robust business investment and a slight firming in consumer spending partially cushioned the blow.

Reuters
8/27/10