US Economy Only Grew 1.5 Percent In 2nd Quarter

The New York Times used the word “tepid” to describe the June jobs report and “tepid” is again how it describes US economic growth in the second quarter. The US economy grew 1.5 percent for the last three months of 2012, according to figures released by the U.S. Department of Commerce’s Bureau of Economic Analysis. Analysts had predicted growth of 1.4 percent.

In comparison, in the first quarter of 2012, real domestic growth was 2.0 percent.

Wary consumers are cutting down on purchases and, with the ongoing European debt crisis and a global economic slowdown, business investments are declining. Bloomberg notes that both UPS and Proctor & Gamble have cut profit forecasts. Household consumption rose 1.5 percent from April through June, down from a 2.4 perent increase in the previous quarter.

Retail sales have fallen for a third consecutive month with stores including Target and Macy’s posting same-store sales that were lower than expected. Earlier this week, Apple’s profit was reported to be lower than expected, in part because customers, aware of buzz about a new iPhone, are not buying the current one.

Updated estimates of economic activity for 2009, 2010 and 2011 provided by the Commerce Department show that “the recession was less deep than it seemed in the most recent reports — though more pronounced than in initial readings — and, as a consequence, that the pace of recovery also appears somewhat slower.” Officials said that they had ”significantly underestimated” state and local government spending in 2009, for the mundane reason that they have only recently received more extensive data from state and local governments. Corporate profits and purchases had also been overestimated in 2010.

Federal Reserve Chairman Ben S. Bernanke has said that policy makers are “ready with more stimulus as needed,” as the slowdown in economic growth means it will be harder to lower unemployment.

With the most recent joblessness figures at 8.2 percent, the newest GDP data could complicate President Barack Obama’s reelection bid in November. Obama can be relieved that there is growth, albeit slow, notes one analyst, but the new figures show that things are not yet getting better.

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Michael G.
Michael T4 years ago

Heres Bull R I mean Bill R delivering the same old 2nd hand trash he always does.

I guess I'll just post my message again. I wrote

From the sound of it, he must be convinced that President Obama has a special lever in his office that he can use to set gas prices with and that out of sheer nastiness the President is refusing to adjust the lever. Bill must be picturing him in the silence of his office rubbing his hands together maliciously going mwahhahahahahahahahaha!

It sounds like this is the level of thinking that Mr. Bill is using about pretty much everything he says. Bill also seems incapable of using gray matter in his head to accommodate the fact that the GOP have been obstructionist in halting any legislation that would have created jobs focusing instead on women's vagina's, curtailing abortions and the use of contraception. But BIll, who is an admitted bigot won't let any truths stand in his way to make hateful posts that are outright lies about the president will continue his crazy rants on many forums.

Bill Reese
Bill Reese4 years ago

Some of the main reasons for our slow growth are lack of JOBS. Or as someone once said a three letter word, J-o-b-s. We have had over 40 months of over 8 percent unemployment a new record for America. The Unemployment would be higher, but we are no longer counting the thousands of Americans that can no longer receive unemployment benefits and are living off their friends and families. The doubling of the number of Americans on Food Stamps can attest to a higher than 8% unemployment. It just makes sense that if we only had 8-10 percent on unemployment then we would not have 47 percent on Food Stamps.
We need to tell our Secretary of State to pull all or our people out of the Middle East and STOP sending money to the terrorist organizations to kill Americans. We need to stop our president from worrying so much about the DADT in the military and destroying the Godly family in civilian life and put his attention to removing the obstacles that are preventing American business from putting Americans to work.
The first order of business should be to move gas prices back down to less than $2.00 per gallon where they were before Obama took office in 2008.

Lee Witton
4 years ago

Bill R - unemployment rate continues to decrease as new jobs are added. I know that fact has flown right over your head, but most of us here know what Obama has accomplished and that he has worked diligently for the middle class. Ohio has had continued job growth because of Obama's efforts in saving the auto industry and the state has around a 7.2 percent unemployment rate with continued job growth. Obama also has a pretty healthy lead in the polls in Ohio over Romney as he does in most of the battleground states. Romney can't win without Ohio but the Republicans are continuing to attempt to defraud yet another election. Really Bill, are you so willing to distort despite very obvious fact or are you just stupid? I suspect, there is some of both in what makes you tick, but whatever, you make a complete fool of yourself.

Michael G.
Michael T5 years ago

On the other side, the one you constantly ignore because it is a black hole growing larger every day Mitt Romney has had to resort to outright lying (like you), taking statements out of context and acting as if the statements were true, flip-flopping on every issue posed to him, completely flubbing an international trip, refusal to reveal income tax returns despite calls from even GOP leaders to do so, with plans to lower taxes on the wealthiest and destroy the safety nets of Medicare and SS.

Again Bill, your BS is a dog that won’t hunt. Thanks for entertaining us with low levels of intelligence.

Michael G.
Michael T5 years ago

@Bill claims However, he has no record to run on,

Bill you are entitled to make such empty claims, even lie if you like, in your posts. I have pointed out our lies, and false claims repeatedly. You’ve been unable in every instance to dispute/refute a single thing I have said.

@Bill claims I see many on this site have picked up that attitude.

Another lie and distortion Bill. A few trolls do but by an large a count of the posts that refute this patent lie will quickly show you as walking another dog that won't hunt.

Nate Silver called 50 out of 51 states last time (counting DC; he missed only Indiana) and every single Senate race. Per Nate Silvers estimates regarding the electoral college the more you look at it, the more you come to conclude that Mitt Romney has to draw an inside straight like you've never ever seen to win this thing.

This is especially true now that it seems as if Pennsylvania isn't really up for grabs. Romney's paths to 270 are few.

In other words, Obama can lose the big Eastern four - Ohio, Virginia, North Carolina, and Florida: all of 'em! - and still be reelected.

Bill Reese
Bill Reese5 years ago

You are very welcome to you own personal opinions Mr.Michael and I will respect your opinions as trying to put our inexperienced president in the best light you possibly can, However, he has no record to run on, all he can run on at this time is to try and and be negative about everyone but himself. Mr. Obama started out always blaming the other person, and I see many on this site have picked up that attitude. It worked once, but does not appear to be working a second time for Mr. Obama.

Have a nice day and I hope you too fullfilled your military obligation to protect our US Constitution that gives all of us the First Amendment Right to our opinions without all the negativity.

Michael G.
Michael T5 years ago

@Bill adds Congress has tried to pass a bill stating that congress shall have a minimum of 10 days for all bills before a vote is taken. Well that piece of legislation must be extremely important to you but I don’t see how it does anything to improve the economy or create jobs because I don’t see how that is important. Paper dolls Bill, you keep cutting out paper dolls and expecting people to rally around your false flag.

While you are at it you might try to explain why the GOP have been working to stop President Obama from being elected by holding America hostage. I’ll tell you why Bill. They have been acknowledged by the majority as holding the recovery hostage so that the economy will remain in the tank making the President look bad. That kind of borders on treason and sedition don’t you think?

Try to come up with something new Bill, something of substance that we can all verify, instead of your opinion. If find it pathetic that you leap from passage of this unimportant piece of legislation to something quote by Rep. Nancy Pelosi 2-3 years ago. There’s no connection Bill, you are stringing together beads.

Try spending some quality time on that porch of yours and think through some legitimate talking points will you?

Michael G.
Michael T5 years ago

Well well. Look here everyone. It’s Bill Reese. You know the guy who likes to come here making outrageous claims he cannot and refuses to support with evidence.

Let’s look at this first statement
@Bill says There is not a person on this site that cannot see that our US unemployment has gotten out of hand and that while our fair haired President had a filibuster proof Congress he did nothing to try to improve the economy.

Bill are you moving from 3 years ago to the present with your statement? Jumping around connecting dots that don’t exist?

You state that We can see that US unemployment has gotten out of hand. While the President had a filibuster proof congress that did nothing to improve the economy.

Yes Bill, unemployment is out of hand. The filibuster part kind of came to a close when teabaggers got voted in. Remember? Since then the GOP have pretty much sandbagged every jobs bill that came along. I know I have shared this information with you before Bill, but the GOP have been busy since January 2011. Since January 2011, they've introduced:

44 bills on Abortion,
99 on Religion
71 on Family Relationships,
36 on Marriage
67 on Firearms and Guns
522 on Taxation
and 445 on "Government Investigations"
33 efforts to Repeal the Affordable Care Act

Bill you see any jobs bills in that list?

Bill Reese
Bill Reese5 years ago

There is not a person on this site that cannot see that our US unemployment has gotten out of hand and that while our fair haired President had a filibuster proof Congress he did nothing to try to improve the economy.

He demanded Congress pass a stimulus bill over night and then did not sign it for several weeks. Congress has tried to pass a bill stating that congress shall have a minimum of 10 days for all bills before a vote is taken. No more of this Pelosi garbage that "vote for it and they you will learn what is in it". She is a true idiot.

Michael T.
Michael T5 years ago

Bill you are beginning to sound much like a paranoid with severe delusions. Your assertions are your opinions an may be talking points on some right wing news station.