Another Look At The GDP Number For 1Q23 -- June 29, 2023

... but before I go, re-reading the CNBC summary of the 1Q23 GDP report -- that really was a spectacular report by any measure. 

Locator: 44834ECON. 

Updates

Later, 6:24 p.m. CT: the more I look at this report, the better it looks. From 1.3% to 2% -- forecast to actual -- considering the environment -- remember, Germany is in a recession and the US is in a mild recession (Charlie Munger). In the big scheme of things, some might say this is as good as it gets.

If it had come in greater than 2.5% the conspiracy theorists would have come out in droves, and anything less than a 2-handle would have been ... uneventful.

Look at the #1 reason for better numbers: US consumers and global consumers were buying American products and services -- area under the curve and MMF.

A GDP of 2% in this environment -- what more do "you" want? I'm going swimming.

Original Post 

One doesn't turn the US economy around on a dime, as they say, but wow, for all the handwringing for the last three months about the economy for the three months prior to that ... wow ... this 2% looks a lot better than "2%."

In fact, round 1.3% (the estimate) to 1% -- the actual GDP was twice that forecast. Mr Biden, taken a bow.

This was from the CNBC summary:

Note, two things not mentioned nor would they be in this report because they are not part of the GDP formula:

• one: house prices came down; the first time anyone can seem to remember that happening (isn't that good when talking about inflation? house prices coming down?).

• two: wages were way down, apparently (isn't that good when talking about inflation?) -- needs to be fact-checked. JPow doesn't want to see folks working and he doesn't want to see wage inflation.
  

And Americans are apparently spending a lot of money. At least that's what I'm reading. 

And look at the change in exports. Isn't that good? I don't know. I guess it's due to a cheap dollar.

Anyway, it feels like Friday and we have yet another day. The Dow was up 269 points.

Suggests to me that some folks saw good news in the CNBC summary.

Oil finished higher (good). 

AAPL finished higher (better).

It was reported that Buffett bought more OXY (best). Pulled CVX up $1.32 / share.

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