Expectedly Craptastic

The Experts were looking for a crappy growth rate of 1.7% last quarter.

Economists forecast the economy expanded at an annual rate of 1.7 percent, according to a FactSet survey. That follows a 1.9 percent growth rate in the first three months of the year. Those are the slowest back-to-back quarters since the economy began recovering from the recession two years ago.

The actual number was 1.3%

Oh yay.

Update: Reuters

(Reuters) – The economy grew less than expected in the second quarter as consumer spending barely rose amid higher gasoline prices, and growth braked sharply in the prior quarter, a government report showed on Friday.

Growth in gross domestic product — a measure of all goods and services produced within U.S. borders – rose at a 1.3 percent annual rate, the Commerce Department said. First-quarter output was sharply revised down to a 0.4 percent pace from 1.9 percent.

We’re in the best of hands.

Update: from the same article, think about this

A smaller trade deficit , as imports slowed, was one of the main contributors to the rise in second-quarter growth, with businesses spending and inventory investment also adding to output.

What feeble ‘growth’ we had was because we imported less so the trade deficit was smaller.

Unbelievably pathetic.

More: Futures are tanking. Oh, and how’s all the government plans working out for employers?

(Reuters) – U.S. civilian employment costs surged a steeper-than-expected 0.7 percent in the second quarter, the biggest gain since September 2008, on a jump in benefits costs, Labor Department data showed on Friday.

Analysts polled by Reuters had expected the Employment Cost Index to increase 0.5 percent in the three months ending in June, after a 0.6 percent rise in the prior quarter.

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