GDP Growth Reports: 2nd Qtr 1.3%; 1st Qtr Revised Downward to 0.4%
While the debt ceiling debacle continues, the fact that the economy is tanking comes into clearer view. Today's reports:
Gross domestic product rose at a 1.3 percent annual rate following a 0.4 percent gain in the prior quarter that was less than previously estimated, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 1.8 percent increase. Household purchases, about 70 percent of the economy, climbed 0.1 percent.
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