The third and final estimate for the quarter from the Commerce Department “pointed to slow growth rather than a recession” as consumer spending and export growth helped gross domestic product grow at an annual rate of 1.3 percent, Reuters reported on September 29, 2011. Export growth rose at a 3.6 percent rate while imports increased at a 1.4 percent rate, leaving a smaller trade deficit. Trade contributed 0.24 percentage point to GDP growth, Reuters said. After increasing 2.4 percent in the first quarter, gross domestic income also rose at a 1.3 percent rate in the second quarter. Reuters said details of the GDP revisions “were consistent with an economy that is on a slow growth track rather than sliding back into recession.”
While revisions to calculating the GDP can eventually produce positive news, perhaps you are not having such luck with diagnosing your own financial situation. Whether you are in desperate need of foreclosure help or have been experiencing long-term unemployment, you might find that no matter how you twist the numbers, you still cannot meet your financial obligations. Our Chicago bankruptcy lawyers have decades of experience helping clients deal with all the problems associated with bankruptcy . If you are tired of waiting for a more concrete sign that the economy has recovered, our Chicago bankruptcy attorneys can show you how a Chapter 7 or Chapter 13 bankruptcy could help you prevent car repossession or wage garnishment. How has the economy affected you and your family? Does GDP growth make you more optimistic?