The U.S. Commerce Department’s Bureau of Economic Analysis released the first estimate of gross domestic product (GDP) for the second quarter of 2010 last week. Real GDP grew 2.4 percent at an annual rate in the second quarter, following a gain of 3.7 percent in the first quarter. The annual revision to the national accounts increased the total fall in real GDP during the recession from 3.7 percent to 4.1 percent. The economy has grown 3.2 percent from a year ago.
U.S. Commerce Secretary Gary Locke is quoted as saying “Full recovery will not happen overnight"
Which given the slow pace of recovery, the still much too high unemployment numbers and the low levels of consumer confidence, I am pleasantly surprised at some glimmer of hope of a recovery. Maybe the economy will reawaken soon....
Even with the slow economy, many are claiming now is the time to buy because of the low interest rates and incredible deals on the market in Upstate South Carolina.
Just like a sleeping kitten, when this economy does wake up, I am expecting an energy level that will astound many!
We have already seen an increase in showings, offers, phone calls and web traffic. Only time will tell but I remain hopeful and look forward to all the pent up economic energy being released soon!
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