US GDP revised downwards, grows by only 1% in the second quarter

It's getting worse for the US economy. While waiting for the Fed chairman's speech, Ben Bernanke, is skyrocketing, the Commerce Department was forced to revise downwards the national GDP data for the second quarter of 2011. Growth was only 1%, not 1,3%, as previously mentioned in the initial forecasts. An anticipation of the real figure had been provided by Wall Street analysts, who had announced the cut on the basis of latest disappointing macroeconomic data. The core component of the data, which excludes food and energy prices, grew by 2,2%: this is the largest increase since the last quarter of 2009. The consumer price index grew by 3,2% instead , against 3,1% of initial estimates. Lastly, consumer spending increased by 0,4% between April and June, against growth forecasts of 0,1%.