Ouch, the government today released its final estimate of U.S. economic activity in the second quarter, and the news isn’t good, GDP was revised downward to 1.3% from the initial estimate of 1.7%: The fragile state of the US’s economic recovery was thrown into focus once more Thursday as the government announced growth was slowing […]
Ouch: Third Quarter GDP Just 2.0%
If Democrats were hoping for good news on the economy leading into Tuesday’s elections they didn’t get. Third GDP came in at an anemic 2.0%: The U.S. economy grew at a 2 percent annual rate in the third quarter as consumer spending climbed the most in almost four years, a sign the expansion is developing […]
Commerce Department Revises 3rd Quater GDP Downward… Again
Two months the media and Obama Administration were trumpeting the announcement that third quarter GDP had grown at an annualized rate of 3.5%. Unfortunately, their celebrations were a bit premature the Commerce Department today announced their final estimate of third quarter GDP… Not surprisingly third quarter GDP was a lot lower than they originally estimated: […]
Third Quarter GDP Rises to 3.5%… But…
From Reuters: The U.S. economy grew in the third quarter for the first time in more than a year as government stimulus helped lift consumer spending and home building, fueling an unexpectedly strong advance. Signaling the end of the worst recession in 70 years, the Commerce Department on Thursday said the economy expanded at an […]
Train Wreck: GDP Decline Twice as Bad as Obama Admnistration Forecast
Ouch, this isn’t good news for President Obama’s agenda… The White House has been using some pretty rosy economic forecasts to sell his agenda. However, those rosy forecasts have finally crashed head-on into economic reality. In short, GDP declined roughly twice as much as they predicted and their out year deficit forecasts will be roughly […]
Poll Question: Is the U.S. Economy Headed for a Recovery or a ‘Dead Cat Bounce’?
Ok folks, here’s the 64 trillion dollar question for you… [poll id=”14″] I’m leaning toward dead cat bounce for various reasons… In short all the money the Federal Reserve and the Federal Government are pumping into the economy will have a positive effect and we will see GDP rebound in the short term. In the […]
Holy Crap: $12.8 Trillion Spent, Lent or Committed???
From Bloomberg News: March 31 (Bloomberg) — The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s. New pledges from the Fed, the Treasury Department and the Federal Deposit […]