Yesterday’s GDP number had to be nonsense. The dollars and cents have flown.
Consider that the first Quarter GDP was said to be 1.9%. In the end it came in as .4%. Second quarter was said to be 1.3%. How could it be that high in view of the real number, .4%? Economic growth slowed in the second quarter, not accelerated. Employment has been down and the Durable goods numbers dropped, too. Q2 has been worse than Q1. Doesn’t that mean it is truly underwater now?
Obviously the economy has not improved. 1.3% is wishful thinking. Looks like we will contract some more.