Tuesday, November 22, 2011

3rd Quarter GDP Revised lower

The economy of the United States is growing at a revised 3rd quarter annual rate of just 2%. In other words, it is plodding along at a .5% rate on a quarterly basis. This is a nada, nothing, virtually unchanged and this from the official merry, lithium like figures.

Economists had been expecting a 2.5% print. ha! Wrong again.

Personal consumption grew at a 2.3% annual rate. That is certainly nothing to write home about. People had better have oodles of cash saved from their Christmas Club accounts to extract some sort of Q4 miracle. Do I detect a hint of doubt about that notion?

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