GDP growth essentially zero for first half of the year

GDP grew at a revised annual rate of 1 percent during the second quarter. That means it actually grew at 0.25 percent. That after a 0.1 percent growth in the first quarter. This growth rate is about half the growth rate in the population during the first half of the year.

The price index for gross domestic purchases increased by 3.3 percent in the second quarter.

Bernake announced no further dramatic increases in the money supply.

Chairman Ben Bernanke is proposing no new steps by the Federal Reserve to boost the economy while hinting that Congress may need to act to stimulate hiring and growth.

Bernanke said Friday that while record-low interest rates will promote growth over time, the weak economy requires further help in the short run. He is speaking at an annual economic conference in Jackson Hole, Wyo.

His speech follows news that the economy grew at an annual rate of just 1 percent this spring and 0.7 percent for the first six months of the year. Only slightly healthier expansion is foreseen for the second half. . . .