…during Q2; unexpectedly, I’m sure.
When growth is 2%, or less, then the unemployment rate pretty much stagnates. So much for that summer recovery.
Let’s not forget, the 8.2% unemployment rate is also a bullshit number. The government stops counting those that have been unemployed so long that they just stopped looking for work. Taking in to account the discouraged adults and people working part time for lack of full time opportunities, the unemployment rate is about 14.5 percent. Just in case you were wondering, the unemployment rate for blacks is 16%. Nice hope and change that the boy wonder has pulled off, eh?
US economic growth slowed to 1.5 pct. rate in Q2
By MARTIN CRUTSINGER
WASHINGTON (AP) – The U.S. economy grew at an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The slowdown in growth adds to worries that the economy could be stalling three years after the recession ended.
The Commerce Department also said Friday that the economy grew a little better than previously thought in the January-March quarter. It raised its estimate to a 2 percent rate, up from 1.9 percent.
Growth at or below 2 percent isn’t enough to lower the unemployment rate, which was 8.2 percent last month. And most economists don’t expect growth to pick up much in the second half of the year. Europe’s financial crisis and a looming budget crisis in the U.S. are expected to slow business investment further.