Revised GDP shows the economy is growing at slower than expected rate.
When an economy is struggling as badly as ours is even "not-so-bad" news looks pretty good and that's the case today: Our total economic growth was revised down to below 2%.
"Not-so-bad" is what many economists said, and most believe we will not go backwards into another recession.
The amount of growth was tiny, just 1.6 percent from April through June.
To many economists even 1.6 means no dreaded double-dip return to recession.
"The global economy is staging a moderate but quite solid recovery in general," says the International Monetary Fund's John Lipsky.
One reason our growth was slow was imports.
America went on its biggest import buying binge in 26 years, scooping up things made overseas.
The president said, in a statement:
"Four consecutive quarters of economic growth is positive news, but there is still much more we need to do to continue on the path to recovery."
Federal Reserve Chair Ben Bernanke said there is more he can do.
"The issue, he said, is not whether we have the tools to help support economic activity, but whether the benefits outweigh the costs or risks.
Bernanke said the Fed might drive down interest rates by buying government bonds or mortgage-backed securities, and will provide more information about fed plans in an effort to reduce anxiety.
Federal Reserve officials hope for stronger growth and a lot of hiring next year, without them having to risk doing a lot more.