Skip to comments.Futures Push Higher Ahead Of Data Deluge, Yellen Capital Statement (ADP,Q2 GDP)
Posted on 07/30/2014 4:25:13 AM PDT by Perdogg
This week's US data onslaught begins today, with the ADP private payroll report first on deck (Exp. 230K, down from 281K), followed by the number of the day, Q2 GDP, which after Q1's abysmal -2.9%, is expected to increase 3%. Anything less and in the first half the US economy will have contracted, something the purists could claim is equivalent to a recession. The whisper numbers are to the downside since consumption and trade never caught up and the only variable is inventory as well as Obamacare, whose impact was $40 billion "contribution" in Q1 was entirely eliminated and instead led to a deduction, something we expect will be reversed into Q2. Following the backward looking GDP (which will be ignored by the sellside penguins if it is bad and praised if good) at 2:00 pm Yellen Capital LLC comes out with a correction on her call to short social networking stocks, as well as admit once again that the "data-driven" Fed really has no idea what it is doing and how it will tighten, but that tightening is imminent and another $10 billion taper to QE will take place ahead of a full phase out in October. Joking aside, the Fed is expected not to do much if anything, which may be just the right time for Yellen to inject an aggressively hawkish note considering her inflation "noise" refuses to go away.
(Excerpt) Read more at zerohedge.com ...
WTH is that supposed to mean? That recessions are just a state of mind, and that deciding we entered one while we have a black president is racist?
Frankly, by the simple definition of a recession (two consecutive quarters with an average below zero), we are currently in recession.
Are you going to post the figures here, or on another thread?
We preliminary GDP 4.0% ADP 216k
Yep. Also 1Q14 GDP revised to -2.1%