As Instapundit would say, it was Unexpectedly!™ revised downwards. Sure. Who could have seen this coming, right?
The President has been telling us that the economy is "poised" for growth. He's been saying that for about five years. At some point being poised for growth isn't really growth. It's failure.
It's like a parent saying that their child has lots of potential. You can say that when your child is 8. When your child is 28 and still doesn't have job, you can't keep saying how much "potential" your kid has. He's a loser.