2011 q2 gdp 1.3%

[william the wie]

The economy is really tanking due to all of the pump priming crap.

Of course it is. But pump priming is what helped stock prices recover and increase at historic rates. So of course, as inflation has gone up 3% since last year, the majority of the private sector are hurting, particularly small to mid sized businesses who are seeing their costs go up and their savings being eaten away by this inflation. But this inflation is most certainly benefiting the Wall Street class, who have been making record returns the past couple of years. Obama and Bernanke are implementing the policy of Wall Street(as they were Obama's largest contributors in the last election) to the detriment of the little guy(and yes, even guys making six figures or who are little millionaires are small guys compared to the Wall Street rich). People may try to defend Obama by saying he isn't Bernanke, doesn't control the FED and therefor doesn't control the printing press. But Obama renominated him and ought to be held accountable for Bernanke's actions. They are justing priming a phony bubble economy.

You're preaching to the choir but I like the sermon.

 

[Trajan]

tomorrow the unemployment numbers for July come out...ADP says;

July 2011 ADP Employment Data Shows Continued Degradation
Posted on 3 August 2011 by Steven Hansen

ADP (the largest payroll provider in the USA) says USA non-farm private payrolls increased 114,000 in July 2011 – and revised revised down modestly the June data to 145,000, from the initially reported 157,000. In addition, Outplacement agency Challenger, Gray & Christmas, Inc. data showed a sudden burst of layoffs.

This means employment growth is lower than workforce growth, AND the data suggests that the employment situation continues to degrade from post-recession peaks. Small and medium sized business historically creates most of the new jobs (analysis here).

more-
July 2011 ADP Employment Data Shows Continued Degradation | Global Economic Intersection


well, at least they didn't say unexpectedly..

I think, think, that if indeed its 114k obama will jump with joy, I don't think its gonna get there...*shrugs*

 

[iamwhatiseem]

I flat out do not believe the 1.3% will stick...no way no how.
I would say it will likely slip into negative numbers. And 3rd quarter will definitely show growth as the fall always does, albeit smaller than 2010.
As some of you know I am a b2b business, May and June were really bad. July was up and August is starting out with usual strength...nothing compares to pre-2008 - but better than July as it always is.
Solid economist (not the MSM talking heads) have been predicting a market correction in August-September...well...looks like they know what they were talking about.