US GDP revised down for 2nd quarter

WSJ

The U.S. economy grew less in the second quarter than previously estimated, and corporate profits fell again, a government report Friday showed.

Gross domestic product rose at a 2.8% annual rate April through June, the Commerce Department said.

The new estimate for second-quarter GDP reflected a revision down from a previously reported 3.3% increase.

This is even more bad news for stocks today. With the failure of WaMu last night and continued uncertainty over the bailout, people are gearing up for the US markets to take a sharp dive when they open at 9:30am EST.

Watch Wachovia today. Their futures fell sharply early this morning after the WaMu failure; WaMu was second only to Wachovia in issuance of ARM mortgages. Investors are obviously jittery and may be looking to unload.

Edit: typo

[edit on 9/26/2008 by anachryon]