Just a quick note because there are so many things wrong with this paragraph:
The Commerce Department says growth improved from a sluggish 1.1 percent rate in the January-March quarter, which was revised from an initial 1.8 percent rate. The pickup in growth was surprising as most economists predicted a far weaker second quarter.
The growth rate was officially 1.7% which is apparently quite an improvement over the last quarter which was officially 1.8% until it was revised down today…. wait a minute… huh? Jan-March gets revised way down and that makes it so that Apr-June looks like the growth accelerated. In this case, I think what the economists expected might actually have been right… perhaps this quarter really was way weaker than the last… But way weaker than 1.1% is cutting really close to recession. Does anyone actually know what they do in the ‘seasonal adjustment’?