Although we got a little better jobs number with claims dropping 26,000 to 359,000, the other numbers were disastrous.
The GDP was “an absolute shock of a print, with the final Q2 GDP print coming in at a ridiculously low 1.25% (rounded up to 1.3%), below the lowest Wall Street estimate of 1.4%, and the lowest number since the revised 0.1% reported in January 2011,” said Zerohedge. “Here is the final GDP trendline: Q4 2011: 4.1%; Q1 2012: 2.0%; Q2 2012: 1.25%.”
Also shocking was the durable goods orders numbers. Manufacturing orders for big ticket items like refrigerators, other appliances and equipment fell 13.2%. It’s the largest drop since January 2009.
Personal consumption fell, too. In the second revision it went to 1.06% from 1.20. Pending home sales fell 2.3% in August. So much for the housing recovery.
Obama can try to run from these numbers, but he owns them. Romney got a lot of ammunition this morning.