U.S. Economic Growth Is Revised Down to 2 Percent

So much for a recovery.

From the New York Times:

The United States economy grew at a slightly slower pace than previously estimated in the third quarter, but weak inventory accumulation amid sturdy consumer spending strengthened analysts’ views that output would pick up in the current quarter.

Gross domestic product grew at a 2 percent annual rate in the third quarter, the Commerce Department said in its second estimate on Tuesday, down from the previously estimated 2.5 percent.

The revision was below economists’ expectations for a 2.5 percent growth pace. But the details of the G.D.P. report, especially data showing still-firm consumer spending and the first drop in businesses inventories since the fourth quarter of 2009, appeared to set the stage for a stronger economic performance this quarter.

Data so far suggest the fourth-quarter growth pace could exceed 3 percent, which would be the fastest in 18 months.

Despite the downward revision, last quarter’s growth is still a step up from the April-June period’s 1.3 percent pace. Part of the pick-up in output during the last quarter reflected a reversal of factors that held back growth earlier in the year.

You notice how the entire article is just bad news, lovingly described as good news.

Corporations have "weak inventory accumulation" which means "output would pick up in the current quarter."

Oh really? Couldn't it also mean that businesses have wisely assessed the situation and realized there is no reason to increase inventory, as they don't see sizable economic growth on the horizon?

But, this one is my favorite:

Despite the downward revision, last quarter’s growth is still a step up from the April-June period’s 1.3 percent pace. 

In other words, 2% might be bad, but you should be happy, because it's not as bad as 1.3%.

Got it? Yes, just make sure you've got it. Or else, Obama will be forced to bypass Congress and make damn sure you've got it.