Q2’s GDP Revised to 3.3%, A Hefty Increase

August 28, 2008

The government just revised second-quarter GDP to 3.3% from the original 1.9%. That’s a pretty hefty increase.

Record exports and the temporary stimulus from the tax rebates prevented the economy from stalling as housing slumped and companies cut expenditures. Consumer spending is now waning and slower growth abroad dims the outlook for foreign sales, signaling last quarter will be the year’s highpoint.

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