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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: John who wrote (54315)	7/29/2011 8:48:01 AM
From: Hope Praytochange	Respond to of 103300

US Government Makes Modest Revisions To Past Economic Data 07/29 08:30 AM --Commerce Department'sBureau of Economic Analysis releases annual revisions to Gross Domestic Product --U.S. 2009 GDP revised to -3.5% from -2.6% --U.S. 2008 GDP revised to -0.3% from unchanged --U.S. 2010 GDP revised to +3.0% from +2.9% By Jeff Bater Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The U.S. government has adjusted past estimates on the economy, making modest changes that showed it performed worse in 2008 and 2009 than previously thought. The Commerce Department'sBureau of Economic Analysis on Friday released revisions to gross domestic product. The agency revised GDP for 2008 and 2009 lower and revised 2010 slightly higher. The BEA releases revisions to GDP around this time each year. The annual adjustments include new data that weren't available at the time of the earlier estimates. GDP is the sum of all goods and services produced and used to measure the economy's performance. The BEA said GDP fell 3.5% in 2009, instead of declining 2.6% as earlier thought. The BEA lowered its estimate on consumer spending for that year. Spending by consumers makes up 70% of GDP. The government agency also revised lower its earlier estimate of GDP in 2008, to a decline of 0.3% from a previously estimated unchanged reading for the period. The recession lasted 18 months, beginning in late 2007 and ending in June 2009. The economy's recovery has been slow, troubled by high unemployment. The BEA revisions showed GDP rose a solid 3.0% in 2010, a little better than the previously estimated gain of 2.9%. The economy slowed at the start of 2011, with consumer spending losing momentum amid higher prices for food and gasoline. BEA revisions don't include 2011. A key economic report this week by the Federal Reserve said the economy continued to grow in June and early July in much of the U.S. But the pace slowed, according to the report, which showed the soft patch in the economy continued to spread. Joblessness was 9.2% last month. The Fed predicts the unemployment rate will remain around 8% in 2012, a level that could inhibit spending. -By Jeff Bater, Dow Jones Newswires; 202-862-9249; jeff.bater@dowjones.com (END) Dow Jones Newswires 07-29-110830ET Copyright (c) 2011 Dow Jones & Company, Inc.