“another sign of concern for the economic recovery.”
Uhhh....what “recovery” is he talking about? If there was (and I emphasize “was” in the past tense) it was the weakest recovery in the past 70 years.
The “revised” unemployment figures, industrial production figures, the rippling financial effects of the death of the Euro, all indicate that we have entered the “double dip” of the Great Recession. It usually takes the economists a few months to officially declare it after it’s begun, but we are clearly in another recession. If there is good news in all of this, because of the lag in reporting “we are in a recession!” that news will hit the fan in August or September. It is poison for 0bama’s re-election.
And, no, to me this was certainly not “unexpected.” But I will still have a drink anyway.
Reuters current version-—
Manufacturing output contracted in May for the second time in three months and a gauge of factory activity in New York state plunged this month, worrisome signs the American economy is cooling.
Uh, we choose to look at it as we have unexpectedly entered a negative phase of our recovery. We have to be clear that there may be a resumption of the Bush recession before the green shoots appear for good.