GDP slowdown_CNN Money_August 27 2010

GDP slowdown_CNN Money_August 27 2010 - GDP report: Sharp...

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1 GDP report: Sharp slowdown in economic growth U.S. economic growth in the second quarter was revised down to 1.6% from 2.4% in a government report Friday. By Chris Isidore, senior writerAugust 27, 2010: 11:12 AM ET Source: http://money.cnn.com/2010/08/27/news/economy/gdp/index.htm NEW YORK (CNNMoney.com) -- The U.S. economy sputtered to a near stop in the second quarter, according to new estimates from the government released Friday, although the slowdown wasn't as bad as many had feared. The nation's gross domestic product, the broadest measure of economic activity, was revised sharply lower to an annual growth rate of 1.6% in the three months ending in June. The initial reading had been for a 2.4% growth rate in the period. "It's a crawl-stagger-crawl recovery," said Paul Ballew, senior vice president at insurancer Nationwide Financial. "It's certainly far more subdued than we need." The report fed into growing fears that the nation could be at risk of a new economic downturn -- a double-dip recession -- leading some economists to darken their outlook for the economy, upping estimates for another slowdown.
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This note was uploaded on 10/10/2010 for the course ECON 2100 B taught by Professor Dr.vivekghosal during the Fall '09 term at Georgia Institute of Technology.

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GDP slowdown_CNN Money_August 27 2010 - GDP report: Sharp...

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