On Friday, the second report on 2nd quarter GDP was released; it displayed GDP growth at 1.6% instead of 2.4%. The decline came from a downward revision in inventory buildup and an upward revision in imports. James Hamilton in his Econobrowser posting argues that the report suggests that the economy is still moving upwards though at a modest pace. It does not suggest a double dip recession. Hamilton provides some nice charts and tables to tell the tale. Check it out.