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US Economic Growth Revised Downward

The United States economy grew much slower than originally expected during the first quarter of 2013 according to revised data released this week by the U.S. Department of Commerce. According to the agency, gross domestic product (GDP) growth from January to March was just 1.77 percent – well below the…

The United States economy grew much slower than originally expected during the first quarter of 2013 according to revised data released this week by the U.S. Department of Commerce.

According to the agency, gross domestic product (GDP) growth from January to March was just 1.77 percent – well below the original estimate of 2.5 percent. Wall Street had expected the growth rate to remain roughly unchanged.

Driving the slippage? Less-than-robust consumer spending. Personal consumption – thought to have expanded by 3.4 percent – only grew by 2.6 percent. Estimates on exports and imports were also lowered.

“The good news is that this marked the 15th consecutive quarter of gains,” analyst John Ogg wrote for 24/7 Wall Street. “The bad news is that this is the weakest recovery since the end of World War II.”

Yeah …

Taking a much dimmer view of the proceedings? Tyler Durden over at Zero Hedge (which is the greatest economic website on the planet, FYI).

“Dont worry though: 4 years of (quantitative easing) may not have led to sustainable 2 percent plus growth, but another 4 years certainly will,” he wrote. “Or maybe another 40. At this point does anyone even care?”

Exactly …

And therein lies the irony: Namely that the federal government – specifically its central bank, the Federal Reserve – will use this disappointing data as an excuse to continue printing money.

***

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11 comments

? June 26, 2013 at 10:07 am

Yep, that talk of “tapering” is pure bullshit.

They will cave before the any actual “tapering” takes place. Putting on my tin foil hat for a moment, it also happened to coincide with the world’s largest “short” on gold ever recorded. The manipulation is so bold it’s amazing. They are doing their best to protect the dollar.

It doesn’t matter in the big picture, the market will eventually go where it wants to go…when the money masters finally admit there will be no reduction in money printing the wheels of the market are going to leave its tread on a lot of people.

Bond holders are going to get pounded(as they should), interest rates are going to rise regardless of the money printing and commodities in most areas are going to resume their bull run.

I say they cry “uncle” before any nasty October surprise personally.

Reply
? June 26, 2013 at 10:07 am

Yep, that talk of “tapering” is pure bullshit.

They will cave before the any actual “tapering” takes place. Putting on my tin foil hat for a moment, it also happened to coincide with the world’s largest “short” on gold ever recorded. The manipulation is so bold it’s amazing. They are doing their best to protect the dollar.

It doesn’t matter in the big picture, the market will eventually go where it wants to go…when the money masters finally admit there will be no reduction in money printing the wheels of the market are going to leave its tread on a lot of people.

Bond holders are going to get pounded(as they should), interest rates are going to rise regardless of the money printing and commodities in most areas are going to resume their bull run.

I say they cry “uncle” before any nasty October surprise personally.

Reply
Halfvast Conspirator June 26, 2013 at 11:06 am

Unexpectedly

Reply
Halfvast Conspirator June 26, 2013 at 11:06 am

Unexpectedly

Reply
tomstickler June 26, 2013 at 11:12 am

You gotta quit recycling propaganda from sites like Zero Hedge and the WSJ editorial page. It makes you look like a dope.

This economic slowdown was predicted by those who understand the effects of austerity in a lack-of-demand recession.

Reply
tomstickler June 26, 2013 at 11:12 am

You gotta quit recycling propaganda from sites like Zero Hedge and the WSJ editorial page. It makes you look like a dope.

This economic slowdown was predicted by those who understand the effects of austerity in a lack-of-demand recession.

Reply
GrandTango June 26, 2013 at 1:08 pm

Until Obama is gone…we cannot expect the national economy to get much better. And we MUST reverse Obama-Care, too. Or we’ll suffer after he has exited…

Reply
Robert June 26, 2013 at 1:17 pm

In construction, we have not been this busy in nearly 5 years. Will be record sales year. Good friend is in mortgages, and he can’t keep up. I don’t pretend to understand all they teach in business schools, but the recession/depression is long gone from the actual streets. Those who aren’t working are simply not hirable or not looking hard enough. Ok, there probably are some good people just on a bad luck streak. But the gloom is only in certain headlines.

Reply
? June 26, 2013 at 1:36 pm

MBS’s are fueling the economic activity in your sector. They are funded by the $85 billion/month being printed currently.

If “tapering” actually occurs(highly doubtful), then your industry will once again be in the doldrums.

Reply
Robert June 26, 2013 at 1:17 pm

In construction, we have not been this busy in nearly 5 years. Will be record sales year. Good friend is in mortgages, and he can’t keep up. I don’t pretend to understand all they teach in business schools, but the recession/depression is long gone from the actual streets. Those who aren’t working are simply not hirable or not looking hard enough. Ok, there probably are some good people just on a bad luck streak. But the gloom is only in certain headlines.

Reply
? June 26, 2013 at 1:36 pm

MBS’s are fueling the economic activity in your sector. They are funded by the $85 billion/month being printed currently.

If “tapering” actually occurs(highly doubtful), then your industry will once again be in the doldrums.

Reply

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