This is a GDP number that is down 55 percent from the first quarter. Will Vice President Joe Biden’s Summer of Recovery tour be canceled, or will he just change up the play list? Has the Associated Press displayed their bias with the first paragraph re-write of the GDP numbers story?
From the Bureau of Economic Analysis website about 20 minutes ago…
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 1.6 percent in the second quarter of 2010, (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 3.7 percent.
The GDP estimates released today are based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 2.4 percent (see “Revisions” on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from nonresidential fixed investment, personal consumption expenditures, exports, federal government spending, private inventory investment, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP in the second quarter primarily reflected a sharp acceleration in imports and a sharp deceleration in private inventory investment that were partly offset by an upturn in residential fixed investment, an acceleration in nonresidential fixed investment, an upturn in state and local government spending, and an acceleration in federal government spending.
No real time to search out commentary on the results, but Ed Morrissey at Hot Air notes…
[R]eal private-sector growth simply isn’t happening. Government can’t spend its way into real economic expansion, as we have seen every 35 years or so in the US.
He also writes about how – and if – the media spin-masters on the left will handle the news, and points out an AP story on the CBS News website. Well, I think I’ve already figured out how some in the media will spin the story. Ed’s post has a clip from what I’m thinking is the original AP story.
The government is about to confirm what many people have felt for some time: The economy barely has a pulse.
That first sentence of the story seems to have been scrubbed for the following. They revised the paragraph from “barely has a pulse” to “barely-moving.”
The government has sharply cut its estimate of U.S. economic growth in the second quarter, adding fuel to worries about the barely-moving economy.
OK … just went back and confirmed. I could not find a screen shot of the original CBS News post Morrissey linked to, but I did find the AP story – with the original first paragraph over at Edge Boston.
Original AP Story (sorry, please click for full size)
Revised first paragraph of AP story on the CBS News website.
Am I reading too much into this? Remember, the AP article is not a commentary, rather supposedly a hard-news outlet feeding out news to many different organizations.