From the HUFF POST:
Gross domestic product, the national output of goods and services, rose at an annualized rate of just 1 percent in the second quarter, according to the Commerce Department. This represents a drop from the initial estimate — a 1.3 percent rate of growth — which was itself well below what economists had expected.
“This kind of growth rate is not going to lower the unemployment rate. You need at least 2.5 percent,” said Michael Podgursky, a professor of economics at the University of Missouri…
In spite of the disappointing GDP figure, the report did contain some positive indicators. Business spending was revised upward to 9.9 percent from the original estimate of 6.3 percent, reflecting greater investment in software, equipment and nonresidential real estate. And consumer spending estimates rose to 0.4 percent from 0.1 percent — though that was still the smallest increase since the fourth quarter of 2009, and a significant drop-off from a 2.1 spending rate in the first quarter…
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