Posted on 09/27/2012 7:53:35 AM PDT by MNJohnnie
The third reading on Q2 GDP just came out and the report was ugly.
The headline growth number was revised down to 1.3 percent on an annualized basis.
Economists expected the number to be unchanged at 1.7 percent.
"As we recently noted, you'll need to watch the rear-view mirror to see the recession come into focus," wrote ECRI's Lakshman Achuthan in an email to Business Insider.
"The "third" estimate of the second-quarter percent change in real GDP is 0.4 percentage point, or $16.0 billion, less than the "second" estimate issued last month, primarily reflecting downward revisions to private inventory investment, to personal consumption expenditures, and to exports," wrote the Bureau of Economic Analysis.
The personal consumption component was revised down to 1.5 percent. Economists were expecting it to be unchanged at 1.7 percent.
(Excerpt) Read more at businessinsider.com ...
One good thing we will know after this election is whether we have transformed into a European style socialist state where voters simply vote for more handouts or if the pollsters are completely full of crap.
If it’s still the economy stupid, Obama is toast.
Not with the MSM protecting him.
I’ve been watching our FL lib papers for the headlines. Way buried under business news:
“US economy grew 1.3 percent rate in second quarter”
Now, with anyone who knows anything, that is disastrous. But for the business illiterate, it says “Economy Grew”. That is all they see or understand, especially when the business lines are written thusly:
American Airlines tells pilots...
Oil prices rise after...
Campbell closing plants as...
Public Citizen: State drug...
Campbell Soup closing 2...
Stocks higher after 5-day...
US economy grew 1.3...
Stocks higher, looking to...
EU wants $12B a...
That’s under the business heading. It’s way at the bottom of the page, under “Entertainment.”
http://www.baynews9.com/ News “lite”, for the uninformed and uncaring who wish to stay that way and blithely slide into a government nanny state where they don’t have to think about anything but Gaga, the latest iPhone, and isn’t that a cute dog video. It’s SO sad, what we are losing.
Isn’t that called a recession?
Every time there is bad ecomonic news its up to ROMNEY and the RNC to hammer it home that day as much as possible. Forget the media.
UNEXPECTEDLY!
They ought to rename it the Bureau of Statistical Expectations.
No it up to us and millions like us. Romney/Ryan is only part of the team. All of us have got to get off our butts and get in the game. We cannot just sit idly by waiting for someone to ride in and “save us”.
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