I encourage you all to go shopping more.
Prior to yesterday’s presser, someone must have warned Chimpy about the poor state of the economy.
Economic growth slowed to a 2 percent pace in the late summer, more sluggish than previously thought, as the real-estate bust weighed on overall business activity.
The new reading on gross domestic product for the July-to-September quarter marked a slight downgrade from the 2.2 percent annual rate estimated a month ago, the Commerce Department reported Thursday.
The economy has been losing momentum all this year.
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Economists were expecting the government’s old GDP estimate of 2.2 percent growth for the third quarter to hold.
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In the first three months of this year, the economy grew at a hot 5.6 percent pace, the strongest spurt in 2 1/2 years. However, in the second quarter, growth slowed to a 2.6 percent pace as galloping energy prices and the impact of higher borrowing costs turned consumers and businesses cautious.
Many economists believe the economy stayed lethargic in the current October-to-December period. Forecasts range from a pace of around 1.7 percent to 2.5 percent.