Here’s Business Insider on the news that the nation’s growth in GDP for all of 2011 was 1.7 percent. That’s down from the 3.0 percent growth in GDP in 2010. If you haven’t already figured it out, that is a drop of almost 50 percent. Not good. Not good at all:
That’s the final, pathetic growth number for 2011.
From the just-released GDP report:
Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010.
The increase in real GDP in 2011 primarily reflected positive contributions from personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
Not exactly a barnburner.
That’s the understatement of the year.
More at the link above.
Update: My friend Steve Schippert addressed this report at Wizbang.