Slow growth just got slower: third estimate of Q2 Real GDP

The third estimate of Q2 Real GDP, released on September 27 shows that previously reported slow growth was even slower. The previous estimate of 1.7% was revised down to an anemic 1.3%. Note, however that the annual benchmark revisions in July increased both 2011 Q4 (was  3.0% now 4.1%) and 2012 Q1 (was 1.9% now 2.0%). Personal consumption was revised down somewhat, 1.5% from 1.7%, after increasing 2.4% in Q1. Secvojnd quarter growth is approaching stall speed and early indications about the third quarter are not encouraging.

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