GDP Second Estimate 2Q: Meh

Courtesy of Karl Denninger, The Market Ticker

Nothing of real interest here…

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.7 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter), according to the "second" estimate released by the Bureau of Economic Analysis.  In the first quarter, real GDP increased 2.0 percent.

No material change here; they claimed a 0.2% increase but it's not a material number and under 2%, which is approximately equal to what you need to keep pace with both workforce changes (up about 1.1-1.2% annually) coupled with the claimed present inflation rate (0.7%) which, if you're actually buying things you need, is a bad joke.

In other words, in real terms the economy is below "stall speed" and the common man continues to get rooked.

2012-08-29 12:27:00

Source: http://www.philstockworld.com/2012/08/29/gdp-second-estimate-2q-meh/