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WASHINGTON (AP) -- The U.S. economy grew at an even more sluggish pace in the April-June quarter than previously believed as farm production in the Midwest was reduced by a severe drought.
The overall economy grew at an annual rate of 1.3 percent in the spring, down from its previous estimate of 1.7 percent growth, the Commerce Department said Thursday. The big revision reflected that the government slashed its estimate of crop production by $12 billion.
About half of the downward revision to growth came from the decline in farm inventories. But other areas were weaker as well including slower consumer spending and less growth in exports......
US economy grew 1.3 percent in second quarter
Originally posted by BritofTexas
reply to post by xuenchen
Are you seriously trying to blame the drought on Obama?
Originally posted by xuenchen
Just recently they told us of a 1.7% GDP growth for the 2nd Quarter (April thru June) ....
The overall economy grew at an annual rate of 1.3 percent in the spring, down from its previous estimate of 1.7 percent growth, the Commerce Department said Thursday.
The big revision reflected that the government slashed its estimate of crop production by $12 billion.
How does the Obama recovery compare to other recoveries from similar downturns across the decades?
On that basis, the Obama recovery can only be graded as a tremendous failure — as it has produced the worst rate of economic growth of any recovery in the past 65 years.
Over that span, we've had 10 previous recessions and 10 previous recoveries. According to the federal government's own Bureau of Labor Statistics (BLS), average real (inflation-adjusted) GDP growth in the first three years after those recessions was 4.6%.
During the Obama recovery (which began three years ago, in July 2009), average real GDP growth has been just 2.2% — less than half the historical norm. Of the past 11 recoveries, the Obama recovery has been the worst.
Some might suppose that this is because the 2008-09 recession was a particularly long and debilitating one. But the historical record shows that the pattern is generally as follows: the worse the recession, the stronger the recovery.
Indeed, if we limit our comparison to the five longest recessions in the past 65 years (each of which lasted at least 11 months), we find the following: During the four pre-Obama recoveries from such recessions, average real GDP growth in the first three years was a whopping 5.9% — dwarfing the 2.2% figure under Obama.
According to the BLS, the employment-population ratio — the percentage of Americans who are employed — was 59.4% during the last month of the recession (June 2009). That figure has now actually dropped to 58.4%. Three years into the "recovery," a lower percentage of Americans are employed than during the recession. (Emphasis added)