Four more months! If Americans are wise enough, in four months we’ll have a president with a clue how the economy works. Otherwise count on four more years of abject misery.
First off the second quarter GDP “unexpectedly” was revised downward.
The third reading on Q2 GDP just came out and the report was ugly.
The headline growth number was revised down to 1.3% on an annualized basis.
Economists expected the number to be unchanged at 1.7%.
New orders for long-lasting U.S. manufactured goods in August fell by the most in 3-1/2 years, pointing to a sharp slowdown in factory activity even as a gauge of planned business spending rebounded.
The Commerce Department said on Thursday durable goods orders dived 13.2 percent, the largest drop since January 2009, when the economy was in the throes of a recession. Orders for July were revised down to show a 3.3 percent increase instead of the previously reported 4.1 percent gain.
Economists polled by Reuters had expected orders for durable goods — items from toasters to aircraft that are meant to last at least three years — to fall 5 percent.
Let Rick Santelli tell you all about it.
If any Obama supporters are reading this, please tell us how things will get better.