Expect economic disappointment: Vote Bush!

Reuters:

The U.S. economy slowed more sharply in the second quarter than first thought as oil prices rose and the trade gap swelled, the government said on Friday in a report that confirmed momentum faltered in the spring.

U.S. gross domestic product -- which measures total output within the nation's borders -- expanded at a 2.8 percent annual rate in the second quarter to $10.8 trillion, down from the 3.0 percent pace estimated last month by the Commerce Department (news - web sites).

The downward revision marked a sharp slowdown from the first quarter's 4.5 percent expansion, but was widely expected by Wall Street and markets had little reaction.