This was the headline today: GDP surges! Up 1.7% from last month's dismal 1.1%.
In fact, last month's initial reading was 1.8%. Had that remained unchanged, today's GDP would have actually shown a decline in GDP from 1.8% to 1.7%.
But, the revised GDP for last month was a dismal 1.1%.
It will be interesting to see the revised GDP number next month, and how it is reported.
Two quarters of less than 2% growth suggests movement toward a recession.
Tomorrow we will see the fictional weekly jobless report.
And Friday, the equally fictitious monthly unemployment number. I can hardly wait.
As I mentioned to a reader via e-mail, my non-Bakken highlight of the week is seeing how the mainstream media reports the jobless numbers.
I was wondering why the market took off today: the Fed can't use today's numbers to argue for tapering.
Disclaimer: this is not an investment site; do not make any investment decisions based on anything you read here or what you think you may have read here.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.