Skip to comments.JPM Cuts Its Original 2014 GDP Forecast In Half, Sees Slowest Full Year Growth Since 2009
Posted on 07/04/2014 7:43:02 AM PDT by Perdogg
was precisely 6 months ago, on January 3, when JPM, blissfully unaware of the powerful snowstorms that were raging outside its office, a condition which would later be branded with the technical economic term "harsh weather", predicted that the US economy would grow by 2.5% in the first half and 3.0% in the second, leading to a solid 2.8% annualized growth for 2014, a growth rate which would mean the US economy would grow at the fastest pace since 2005.
(Excerpt) Read more at zerohedge.com ...
So. Why does this article trumpet PLUS UPWARDS ESTIMATE of GDP growth for the 1st half of 2014 and extrapolate that out to good news (expected) for the second half of 2014, but does not attribute ACTUAL 1st half performance (NEGATIVE I MIGHT ADD) in the opening gambit fairy tale?
But, but, but... queen obungo says the economy is all better now. These people must be liars. Off with their heads! So proclaims queen obungo!
Where have we seen this bad first half but the second half will make up for it before? Was it the summer of recovery? The green shoots of spring or what? Was it 2009 and 2011? That was a lifetime ago.
The stock market is like one of those rides that launches you up into space but it does not have the safety mechanism to gently lower you to the ground. The higher it goes the harder it falls.
Well...that was unexpected.
when JPM, blissfully unaware of the powerful snowstorms that were raging outside its office, a condition which would later be branded with the technical economic term “harsh weather”,
when on July 3, “harsh weather” firmly in the rear view mirror (but blissfully unaware of the record drought slamming California, the monsoons about to crush India, and El Nino set to ravage the US in the fall, not to mention two regional civil wars, a China whose housing bubble has popped and whose rehypothecation scandal means Chinese GDP is about to fall off a cliff, and global trade generally grinding to a halt), JPM has just followed with a revised GDP forecast. Its latest (and certainly not least) prophecy for the full year GDP: precisely one half of what it expected 6 months ago, or just 1.4%, following a cut to Q2 GDP to 2.5% from 3.0% (which means negative growth for the entire first half, something in a less insane world would be called a recession), while keeping Q3 and Q4 GDP miraculously at 3.0% for both quarters.
I don't know what they are smoking at JPM but send me a six pack.
Remember “harsh weather” will soon change into “harsh immigration”
We are in a full blow depression and obama plays golf
I guess the “Summer of Recovery 5.0” celebrations will have to be cancelled.
The MSM is still going to talk about the rosy economy