A report released today by the White House Council of Economic Advisors shows that GDP grew at a 2.4% annual rate during quarter two of 2010. This marks the fourth consecutive quarter showing growth. The report also revised the amount of growth experienced in the first quarter of the year to 3.7%. Averaging the two quarters together, it means we have experienced an average growth in GDP of more than 3% for the year. The further growth of GDP is good news, but it does show that the rate of GDP growth has slowed in quarter two.
While the report brings us positive news about economic recovery, it also mentions that an accelerated rate of growth would be necessary in order to make “substantial” reductions in the unemployment level. You can read the entire report here.
Early this morning the Dow Jones Industrial Average fell more than 100 points; it eventually recovered morning losses but was unable to sustain any gains and fell 1.22 points to 10,465.94. The Nasdaq increased by 3.01 points to 2,254.70 and the S&P 500 rose .07 points to 1,101.60.
Asian markets were down today while European markets were mixed as Germany’s DAX rose .22%.
