US economy grows at 1.7 pct. pace in 2nd quarter
1st Q GDP revised to 1.1% from 1.8%
On the economic front, U.S. economic growth unexpectedly accelerated in the second quarter, with the GDP growing at a 1.7 percent annual rate, up from the first-quarter’s downwardly revised 1.1 percent expansion pace, according to the Commerce Department. Economists polled by Reuters had forecast the economy growing at a 1.0 percent pace.
And private employers added 200,000 jobs in July, topping economists’ expectations in an encouraging sign for the labor market recovery. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 180,000 jobs.
Futures lower despite upbeat GDP, private sector employment report
Obama Calls Income Gap ‘Wrong’ — After Widening It
As a result, 121% of the gains in real income during Obama’s recovery have gone to the top 1%. By comparison, the top 1% captured 65% of income gains during the Bush expansion of 2002-07, and 45% of the gains under Clinton’s expansion in the 1990s.
The Census Bureau’s official measure of income inequality — called the Gini index — shows similar results. During the Bush years, the index was flat overall — finishing in 2008 exactly where it started in 2001.
It’s gone up each year since Obama has been president and now stands at all-time highs.
Read More At Investor’s Business Daily: http://news.investors.com/ibd-editorials/073013-665705-income-gap-grew-sharply-under-obama.htm#ixzz2acw2DF9z
Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook
The new GDP methodology: What you need to know
U.S. economy over $500 billion larger due to new definitions