Posted by Larry Doyle on July 31st, 2013 10:53 AM |
The Bureau of Economic Analysis this morning released the 2nd quarter GDP report and it registered a surprisingly robust reading of 1.7%.
Not that a growth rate of 1.7% is anything to write home about but it was better than the forecasted growth rate of 1% or thereabouts.
The cynic in me tells me that I guess we are supposed to disregard the downward revision to the prior quarter’s growth from a reading of 1.8% to 1.1%. That fact only further confirms that our economy continues to largely walk in place with what I have long defined to be a case of “walking pneumonia.’ (more…)