‘RECOVERY SUMMER’ ENDS SICK GDP REVISION: 1.6%

Posted on August 27, 2010

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The government is about to confirm what many people have felt for some time: The economy barely has a pulse.

The Commerce Department on Friday will revise its estimate for economic growth in the April-to-June period and Wall Street economists forecast it will be cut almost in half, to a 1.4 percent annual rate from 2.4 percent.

That’s a sharp slowdown from the first quarter, when the economy grew at a 3.7 percent annual rate, and economists say it’s a taste of the weakness to come.

via My Way News – Snapshot of economy about to get a lot bleaker.

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