GDP Up in 2nd Quarter

GDP grew at a 4% annual rate in the 2^nd quarter:

The United States economy rebounded strongly in the second quarter of the year, shaking off the negative effects of an unusually harsh winter and stirring hopes that it might finally be establishing a solid enough footing to put the lingering effects of the recession squarely in the past.

The Commerce Department, in its initial estimate for April, May and June, reported on Wednesday that the economy grew at a seasonally adjusted annual rate of 4 percent, surpassing expectations.

During the first quarter, output shrank at a rate of 2.1 percent, less than had been reported. The department had earlier said that first-quarter output fell 2.9 percent.

A lot of the growth is increases in inventory, and averaging the two, we are still looking at about an anemic 2% annual growth rate.

Meh.