2011 q2 gdp 1.3%

Discussion in 'Economy' started by Trajan, Jul 29, 2011.

  1. Trajan
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    Trajan conscientia mille testes

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    we discussed this earlier (see link below) , I was high by a smidgen. *shrugs*. The economy is dead in the water, does anyone think that's debatable, really?




    http://www.usmessageboard.com/polit...-assorted-not-so-good-stats-the-politics.html




    U.S. GDP Grows Just 1.3%
    * JULY 29, 2011, 8:59 A.M. ET

    The U.S. economy expanded at a slower pace than expected in the spring as consumers cut back on spending, while revisions showed the slowdown since the beginning of the year was much more drastic than previously thought.

    The Commerce Department Friday said gross domestic product rose at an annualized seasonally adjusted rate of 1.3% in April through June, while first-quarter growth was revised down sharply to a 0.4% rate from the earlier estimate of a 1.9% gain. A big reason behind the downward revision in first-quarter growth was that the inventory buildup by companies was less than initially estimated, while outlays by the federal government and consumers were also revised down.

    Economists surveyed by Dow Jones Newswires expected GDP to rise 1.8% in the second quarter.

    The first estimate of the economy's benchmark indicator for the second quarter showed growth was supported largely by business investment and exports.

    But consumer spending, a big engine for the U.S. economy, made a much smaller contribution to growth. Spending edged up by an annualized rate of 0.1% in April through June, the weakest it has been in two years, after a 2.1% gain in the first quarter.

    Americans have had to spend more for gasoline amid higher prices, leading them to cut purchases for other things. Sales last month by U.S. retailers excluding car and parts dealers were unchanged, with declines reported by furniture stores; electronics and appliances stores; restaurant and bars; health care stores; and sporting goods, hobby, book, and music stores.

    Also restraining consumers is a high jobless rate. Big companies have been announcing job reductions. At Delta Air Lines Inc., for instance, more than 2,000 staff have accepted voluntary redundancy job cuts. The carrier, stung by fuel prices, announced a 58% drop in second-quarter earnings.


    Government spending and investment fell, however. Although federal spending rose 2.2%, outlays by state and local governments contracted 3.4%.


    more at-
    U.S. GDP Grows Just 1.3% - WSJ.com
     
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    Last edited: Jul 29, 2011
  2. Trajan
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    Trajan conscientia mille testes

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    Bernbank to the rescue? :eusa_whistle:


    And Scene: Q2 GDP 1.3%, Gold Surging On Imminent QE3 Resumption

    Submitted by Tyler Durden on 07/29/2011 08:30 -0400





    A simply unprecedented miss in Q2 GDP well below the consensus range, with the official number printing at 1.3%, giving it upside room for revisions in case QE3 does not pass, although at this point it is more than obvious that this number is goalseeked to give Bernanke the carte blanche to start more easing any second. This number follows an epic revision to prior data, with Q1 plunging from 1.9% to 0.4%. The GDP internals were simply appalling: Personal Consumption tumbled from 2.1% to 0.1%, on expectations of 0.8%! The US consumer is dead despite not paying mortgage payments.

    Lastly, US PCE Core printed at 2.1% on expectations of 2.3%. As we have been expecting since December, the US is on the verge of a triple dip recession within the bigger depression. With a deadlocked Congress, the Fed has no option but to do another monetary stimulus as seen by the surge of gold to near record highs on the data in the $1.625 range and the implosion in the USDCHF to fresh all time lows.

    more-
    http://www.zerohedge.com/news/and-scene-q2-gdp-13

    [​IMG]
     
    Last edited: Jul 29, 2011
  3. Jroc
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    Jroc יעקב כהן Supporting Member

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    Notice they never revise it up. Bernacki prints all this money, dumps into the economy and makes it look like we are doing better then we actually are for a minute, but we were never in a real recovery most of our businesses that are making money are making it overseas, Obama has stifled our growth because of his big government bullshit policies and we are yet to feel the real effect of Obamacare.
     
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  4. Trajan
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    Trajan conscientia mille testes

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    its a mess. and its gonna be a mess for a while....
     
  5. Trajan
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    Trajan conscientia mille testes

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    heard obama came out this morning...am at work didn't see it...wander if he had any rah rah for the economy?
     
  6. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    I'd bet that the current DGP numbers are cooked, and have been cooked for the last few years at least.
     
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  7. Trajan
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    Trajan conscientia mille testes

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    *sigh* yea well, I would not be surprised. that change back in the 90's ala reporting the un- employment number was the biggest bunch of cow dung....:lol: no wonder people don't trust the gov.
     
  8. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    They lowered the 1st qtr number down from 1.9% to .4%, wonder how much lower they'll revise the nnd qtr number down from 1.3%? Not celebrating, this is terrible news, but damn you can't trust the gov't to tell you the truth.


    PS: You didn't miss much on Obama's talk. Basically reiterated the same ol' same ol', call your congressperson to get them to compromise and give him what he wants.
     
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  9. Trajan
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    Trajan conscientia mille testes

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    :eek:when? I didn't see that..seriously?


    thx for the Obavomitus update;)
     
  10. Ernie S.
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    Ernie S. Platinum Member

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    My stack of gold coins is happy.
     

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