HUFF POST: The American economy grew anemically during the spring, the government reported Friday, and prior growth was even slower than initially grasped, dealing a considerable setback to hopes for rapid improvement.
Gross domestic product — the national output of goods and services — increased by only 1.3 percent between April and June 2011, the Commerce Department announced on Friday. Economists had expected to see growth of 1.8 percent.
Worse, revisions to past numbers suggest that growth as far back as 2007 has been more sluggish than previously believed. GDP estimates for the first quarter of 2011 were revised downward to 0.4 percent growth, a sharp drop from the previous estimate of 1.9 percent. And GDP for 2007 through 2010, previously thought to have grown by an average of less than 0.1 percent each year during that period, was also revised downward, to show an average decrease of 0.3 percent per year… (more)
EDITOR: Average population growth in the USA is just slightly less than one percent per year. Thus the net recovery is only about one percent per year per capita.
