Posted on 05/13/2015 11:34:01 AM PDT by tcrlaf
Zero Hedge first brought attention to the Atlanta Fed over two months ago, when the first massive divergence between bullish consensus and objective reality appeared. Since then it has been nothing but a downhill race for reality, with consensus scrambling to catch up. Moments ago, the Atlanta Fed just cut its Q2 GDP forecast once more, this time to 0.7% from 0.8%. This is on the back of a Q1 GDP which as of this moments is around -1.0%.
From the Atlanta Fed:
The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2015 was 0.7 percent on May 13, down slightly from 0.8 percent on May 5. The nowcast for second-quarter real consumer spending growth ticked down 0.1 percentage point to 2.6 percent following this morning's retail sales report from the U.S. Census Bureau.
It also means that the first half US GDP print will be negative and all else equal, would suggest a technical recession. It also means that for 2015 full year GDP to print at a "growing" 2.5%, the economy will have to grow at 5% or higher in both Q3 and Q4.
Good luck with that.
Meanwhile, the CNN talking heads were saying just yesterday “Now that the economy is going strong...”
Comments from the article:
“What’s going on in Atlanta, why are they getting so “truthy” all of a sudden?”
“I’m just amazed the entire Atlanta FED hasn’t suffered a massive nailgun accident from telling the truth.....”
“We might get close if we start adding hookers and Coke dealers to the calcs.”
how “unexpected” !!!
*not*
The lies had to catch up to them eventually.
The Obama Depression is at hand, prepare.
Oops...that’s quite a gap there. Almost like the gap between reality and bullsh*t.
Raise your hand if you didn’t know we are in an ongoing Depression? :-)
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