Monday, September 29, 2008

GDP grows at sluggish rate

In a sign that the economy is growing at a slower pace than first thought, the growth of the U.S. gross domestic product was revised downward to a final reading of 2.8% for the second quarter, according to data from the Department of Commerce.

The figure was revised from an initial reading of 3.3% for the April-June period.

Looking ahead at the third quarter, analysts surveyed by MarketWatch are expecting a gross domestic product growth figure of 1.7%.

“I wouldn't be surprised if we see the GDP continue to contract,” said J. Bruce Levis Jr., managing director of McQueen Ball & Associates Inc., a Bethlehem, Pa., firm that manages $840 million in assets.

“We may still have two negative quarters — which signifies a recession — if that continues to take place. There are large problems that need to be worked through and it will not be solved in the short term.”

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  • GDP revised upward in second quarter
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  • Worker Productivity Up at 2.2 Percent Rate
  • Summer May Bring a Turning Point for Stock Market
  • GDP revised upward in second quarter
  • GDP gains little ground
  • NYLI launches five-year fixed annuity


  • Worker Productivity Up at 2.2 Percent Rate
  • Summer May Bring a Turning Point for Stock Market
  • GDP revised upward in second quarter
  • GDP gains little ground
  • NYLI launches five-year fixed annuity


  • Worker Productivity Up at 2.2 Percent Rate
  • Summer May Bring a Turning Point for Stock Market
  • GDP revised upward in second quarter
  • GDP gains little ground
  • NYLI launches five-year fixed annuity


  • Worker Productivity Up at 2.2 Percent Rate
  • Summer May Bring a Turning Point for Stock Market
  • GDP revised upward in second quarter
  • GDP gains little ground
  • NYLI launches five-year fixed annuity
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