GDP Now (Atlanta Fed) - Q2 GDP Negative 1.9

Atlanta Fed ^ | July 7, 2022 | Atlanta Federal Reserve

[ConservativeInPA]

Latest estimate: -1.9 percent — July 7, 2022

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -1.9 percent on July 7, up from -2.1 percent on July 1. After this week's releases from the Institute for Supply Management, the US Census Bureau, and the US Bureau of Economic Analysis, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth increased from 0.8 percent and -15.1 percent, respectively, to 1.3 percent and -14.9 percent, respectively, while the nowcast of the contribution of the change in real net exports to second-quarter GDP growth decreased from 0.38 percentage points to 0.21 percentage points.

[ConservativeInPA]

Welcome to the recession

[DoughtyOne]

Exactly!

5, 4, 3, 2, 1,...

Racist numbers...

[Freedom_Is_Not_Free]

Fed in June, “We see a small chance of recession for 2023”

Fed in July, “Oops”.

So now the Fed will stop raising rates and inflation will continue to soar? We will see if they have any balls to fight inflation.

Earnings are set to plunge but buy the dip, baby! Buy. The. Dip.

[central_va]

Subtract off the deficit (fiat) spending and GDP is probably -7% YoY.

[Freedom_Is_Not_Free]

Easily.

[ConservativeInPA]

The Atlanta Fed updated the GDP Now based on this morning’s U.S. International Trade in Goods and Services for May ‘22. Year to date goods and services deficit increased by $126.5 billion, or 38.4% over the same period in 2021.

The next update is tomorrow after the latest wholesale report is released.

[adorno]

second quarter of 2022 is -1.9 percent on July 7, up from -2.1 percent on July 1

Biden and democrats would take that number and say that the economy is improving. Up from -2.1%. Let's see them tout those numbers in their fall campaigns as positive news.

[WMarshal]

But muh Russia! Seriously, we have to focus on a war 5000 miles away overseas while we are being enslaved and impoverished right here at home. It is important that Raytheon and Lockheed be fed with the blood of our sons and daughters.

[Huskrrrr]

Welcome to Bidenville.

[bert]

That is not really relevant when compared to the war on oil. The bloodless war needs some real liquid leftwing blood spilled to destroy the greenie envirowacko base

[Red Badger]

R E C E S S I O N ! ! ! ! !......................

[Night Hides Not]

Anyone who took a class in Macroeconomics in college (except for AOC), could see this coming.

My Macro professor forgot more economics than any economist in DC, and perhaps academia. Dr. Erwin Graue was my professor, and faculty advisor at Gonzaga. From day one, he was on me to change my major to accounting, from management. He kept on me until I made the change during my sophomore year.

When I first matriculated, he was 77, and sharp as a tack. He didn't retire until he was 90. He was known for one saying: "there are no free lunches."

He was also known for being tough on the coeds: "Miss Jones, what do you look for in a man? You look at his wallet, yes, yes!" "Miss Jones, why did you come to Gonzaga? To get married, yes, yes!"

He could get away with that in the mid-70s.

[Houserino]

I honestly think we’ve been in a recession since 9/11 and the dotcom bust, but they’ve cooked the #’s well enough to hide it.

[Repealthe17thAmendment]

Will Biden call it Putin’s Recession?

[ConservativeInPA]

You got that right brother. There’s a small business survey in the Boston Globe (can’t access it due to pay wall) that says 51% of small business think they will go out of business in 6 months. All the government spending in the world cannot prop up GDP numbers.

Just wait for Q4 when unemployment goes through the roof. Nothing is being done to combat these economic problems other than the Fed raising interest rates. Monetary policy is only part of the solution. Fiscal policy needs to change appropriately. Yesterday, Biden was in Ohio pimping a bailout for pensions. Sorry, I am not a lazy ass government or union employee. It’s not my responsibility to pay for their damn retirements. I believe the pension bailout is somewhere around $1.2 Trillion. That spends us deeper into inflation, and artificially props up GDP, but those numbers become really fictitious since we don’t have $1.2 Trillion and the bond market is shit right now. The Fed will have to print the money. That is not how we get out of recession.

Increased productivity and massive cuts in the unproductive need to occur. Specifically, the unproductive are government employees. They need to transition to the private sector and build something tangible. So shutter massive portions of government and start that transition now. Make the people responsible for our economic mess change instead of hard working Americans suffer.

[ProtectOurFreedom]

-2.1% to -1.9% is a 10% IMPROVEMENT. Yay! Things are booming again. Biden is a genius.

[central_va]

Replace the income tax with import tariffs. Unburden labor costs and watch what happens!!

[rlmorel]

Just wait.

Next...from the Left:

JULY 2022: “Negative Growth will be our ‘new normal’ going forward, and we cannot ever expect to get positive GDP Growth again.”

JULY 2026: “The GDP growth of 2.5% while completely unexpected, is wholly due to the actions initiated in during the Biden Administration, and not in any way related to the actions of the current Republican Administration.”

[Chuck N]

As long as it pays for Joe and Hunter’s money laundering cover up.

That’s all they care about.

Joe Biden never cared a rats ass for anyone but Joe Biden.

[ConservativeInPA]

Will Biden call it Putin’s Recession?

That or it’s a gas station attendant’s recession. He will take turns changing the blame when he can’t even spell GDP … I mean that literally. I’m giving 2:1 odds that he won’t be able to read G D P from the teleprompter without eff’n it up.