The Commerce Department, via the Bureau of Economic Analysis (BEA), released initial ("advance") second quarter GDP figures and revisions to previous quarters' estimates. BEA reports that in the second quarter of this year, the economy grew at a tepid 1.9 percent annual rate. Economic growth was spurred by the economic stimulus payments from the government and strong exports boosted by the declining value of the dollar. The bureau also revised downward first quarter's growth from 1 percent to a 0.9 percent. Noteworthy is BEA's revision of fourth quarter, 2007 growth: that figure was decreased from a plus 0.6 percent to a negative 0.2 percent. Given dip into negative territory in Q4 and Q2's less-than-expected growth rate, supporters of a second stimulus package now have additional ammunition to argue for such a package in September. Yesterday, Senate Appropriations Committee chair Robert Byrd (D-WV) released details (CongressDaily, $) of $24 billion stimulus package that he plans to take up in September after the August recess. Also yesterday House Majority Leader Steny Hoyer (D-MD) announced (also CD, $, sorry) a September agenda that included room for a second stimulus package. BEA: Second Quarter GDP News Release News Coverage:

• Financial Times: "Weak US growth adds to gloom"
• Washington Post: "U.S. Economic Growth Improves Over First Quarter"
• New York Times: "G.D.P. Grows at Tepid 1.9% Pace Despite Stimulus"