Goldman Cuts Q2 GDP Estimate From 2.0% To 1.8%

Zerohedge ^ | 6-8-12 | Tyler Durden

[tcrlaf]

Just as predicted earlier, the GDP downgrades begin.

We revised down our Q2 GDP tracking estimate by two tenths to +1.8% (quarter-over-quarter, annualized) from +2.0% previously. The downward revision primarily reflects weaker-than-expected real export growth in April. This was partly offset by stronger than expected wholesale inventories, which increased by 0.6% (month-over-month) in April.

[tcrlaf]

Now we know what the purpose of Obama's "NOT-MY-FAULT! BUSH'S FAULT! EUROPE'S FAULT!" dog-and-pony show was today....

Setting the stage for Obama to bail out his big banker owners again with your money, while promising FREE OBAMA MONEY, FROM HIS STASH! to his base voters.

[spokeshave]

So is it three declining GDP quarters constitutes a recession..?

Thanks in advance.