Romney Campaign Press Release - We Can't Afford Four More Years Of 1.3%

"The Obama economy is officially stuck in neutral. The nation's second-quarter GDP growth was slashed to 1.3% and manufacturing orders plummeted to their lowest point since President Obama first took office. It's clear our nation's job creators and manufacturers can't afford another four years like the last four years. As president, Mitt Romney will deliver a real recovery, with 12 million new jobs, higher take-home pay, and a stronger middle class." — Andrea Saul, Romney Campaign Spokesperson

Today, The Government Revised Its Earlier Estimates Of Second Quarter GDP Down To A Dismal 1.3%:

Second Quarter GDP Growth Was Slashed From Earlier Estimates To A Dismal 1.3%. "The government cut its calculation of U.S. growth in the second quarter to 1.3% from 1.7% in its third and final review, citing less consumer spending and business investment than previously estimated." ("Second-Quarter U.S. GDP Revised Down To 1.3%," MarketWatch, 9/27/12)

The Economy's 1.3% Growth Rate Was "The Slowest Pace Since The Third Quarter Of 2011." "Gross domestic product expanded at a 1.3 percent annual rate, the slowest pace since the third quarter of 2011 and down from last month's 1.7 percent estimate, the Commerce Department said in its final estimate on Thursday." ("Second-Quarter GDP Cut To 1.3 Percent On Drought," Reuters, 9/27/12)

Both Consumer Spending And Business Investment Fell From Earlier Estimates. "Consumer spending rose 1.5% in the previous quarter instead of 1.7% as initially forecast. And business investment, excluding residential housing, was revised down to a 3.6% increase from 4.2%." ("Second-Quarter U.S. GDP Revised Down To 1.3%," MarketWatch, 9/27/12)

The Dismal Growth Rate Is Far Below Economists' Expectations And A Significant Drop From 2% Growth Rate In The First Quarter."Economists polled by Reuters had expected second-quarter GDP growth would be unrevised at a 1.7 percent pace. The economy grew at a 2.0 percent pace in the January-March period." ("Second-Quarter GDP Cut To 1.3 Percent On Drought," Reuters, 9/27/12)

Moody's Scott Hoyt, On The GDP Report: "Disappointing." "'The slowing came primarily from a decline in durable goods consumption and fixed investment,' said Scott Hoyt at Moody's Analytics, calling the GDP report 'disappointing.'" ("US Economy Grew Only 1.3% In Q2: Official," Agence France Presse, 9/27/12)

And New Manufacturing Orders Plummeted By The Sharpest Amount Since President Obama First Took Office:

"New Orders For Long-Lasting U.S. Manufactured Goods In August Fell By The Most In 3-1/2 Years..." "New orders for long-lasting U.S. manufactured goods in August fell by the most in 3-1/2 years, pointing to a sharp slowdown in factory activity even as a gauge of planned business spending rebounded." ("US Durable Goods Orders Drop Worst Since Recession," Reuters, 9/27/12)

Orders For Durable Goods "Dived 13.2 Percent" — The "Largest Drop Since January 2009." "The Commerce Department said on Thursday durable goods orders dived 13.2 percent, the largest drop since January 2009, when the economy was in the throes of a recession." ("US Durable Goods Orders Drop Worst Since Recession," Reuters, 9/27/12)

"Manufacturing, Which Has Been The Main Driver Of The Recovery From The 2007-09 Recession, Has Been Hit By Turbulence From Sluggish Domestic And Global Demand."("US Durable Goods Orders Drop Worst Since Recession," Reuters, 9/27/12)

Early Indicators Suggest "Third-Quarter Economic Growth Would Probably Not Improve Much." "But shipments of these goods, which are used to calculate equipment and software spending in the gross domestic product report, fell 0.9 percent after declining 1.1 percent in July. The weakness suggested third-quarter economic growth would probably not improve much from the April-June's 1.3 percent annual pace." ("US Durable Goods Orders Drop Worst Since Recession," Reuters, 9/27/12)