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From Bad To Worse

- September 27, 2012

OBAMA’S ECONOMIC POLICIES YIELD AN OUTLOOK THAT CONTINUES TO WORSEN

Real GDP For The Second Quarter Was Revised Down From 1.7 Percent To 1.3 Percent. “Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.3 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter), according to the 'third' estimate released by the Bureau of Economic Analysis. …The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.7percent (see ‘Revisions’ on page 3).” (Press Release, “National Income And Product Accounts – Gross Domestic Product: Second Quarter 2012 (Third Estimate); Corporate Profits: Second Quarter 2012 (Revised Estimate), Bureau Of Economic Analysis, 9/27/12)

  • GDP Was Revised Down Due To Less Consumer Spending And Business Investment Than Previously Estimated. “The government cut its calculation of U.S. growth in the second quarter to 1.3% from 1.7% in its third and final review, citing less consumer spending and business investment than previously estimated.” (Jeffry Bartash, “Second-Quarter U.S. GDP Revised Down To 1.3%,” MarketWatch, 9/27/12)
  • “New Durable Goods Orders In August Fell By The Most Since The Recession And A Separate Reading On The Broader U.S. Economy Came In Much Weaker Than Expected.” (“Durable Goods Orders Sinc Even As Jobless Claims Fall,” Reuters, 9/27/12)

Reuters: “Downward Revision To U.S. Q2 GDP More Severe Than Any Of 70 Economists Polled By Reuters (+1.3% From +1.7%, Lowest Polled +1.4%).” (Reuters Polls, Twitter Feed, 9/27/12)

“Durable Goods Orders Dived 13.2 Percent, The Largest Drop Since January 2009, When The Economy Was In The Throes Of A Recession.” “The Commerce Department said on Thursday durable goods orders dived 13.2 percent, the largest drop since January 2009, when the economy was in the throes of a recession.” (“Durable Goods Orders Sinc Even As Jobless Claims Fall,” Reuters, 9/27/12)

  • Demand For Boeing Aircraft Decreased From 260 In July To 1 In August. “Last month, the drop in orders reflected weak aircraft and automobiles demand. Boeing received only one aircraft order in August, down from 260 in July, according to information posted on the plane maker's website.” (“Durable Goods Orders Sinc Even As Jobless Claims Fall,” Reuters, 9/27/12)

“Growth Is Still Frustratingly Slow, And Economists Often Say The Economy Needs To Expand At Least 3% A Year To Bring The Unemployment Rate Down Significantly.” (Annalyn Censky, “GDP Report: Economic Growth Revised Lower,” CNNMoney, 9/27/12) 

Before The Revisions, The Consensus View Was That The Economy Expanded At A “Lackluster” Pace Of 1.5 To 2 Percent. “Before Thursday’s revision in the April-June figures, the consensus view was that the economy expanded in the July-September quarter at a lackluster pace of between 1.5 percent to 2 percent. They expected the final three months of the year will be about the same.” (Martin Crutsinger, “US Economy Grew 1.3 Percent In Second Quarter,” The Associated Press, 9/27/12)

“The U.S. Economy Grew At A Much Slower Clip Than Initially Estimated, A Possible Blow To President Obama' Reelection Hopes.” (Vicki Needham, “Economic Growth Slips To 1.3 Percent,” The Hill, 9/27/12)  


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