Posted on 08/27/2010 5:37:19 AM PDT by Red in Blue PA
Per CNBC TV.
(Excerpt) Read more at cnbc.com ...
unexpected
This will probably be spun as good news by the MSM as it was not as bad as dire predictions, but people need to note that we need 2.5% growth just to keep unemployment from falling.
As expected (since it was talked down yesterday).
Mods, the FR clock looks to be about 7 minutes off.
What is needed is GDP growth of almost 8% to create 500,000 a month for the next 5 years to make up for the last 10 years and the Depression we are in to just break even.
It’s been from 4-7 minutes off for the last 2 weeks.
(Yes. I DO check my home time against the most recent FR post)
And, that 1.6 “growth” can be attributed to the economy being held up artificially through government overspending. The true state of the economy, without the artificial “growth”, is very likely still in recession, perhaps in deep recession.
It absolutely is being spun as good news on CNBS.
Good points, but I believe we only need 150K jobs a month to maintain with the population rate, 250K a month to begin to emerge.
Better than consensus.
Next up this morning: Consumer sentiment and Bernanke speaks at the Fed Bank meeting In Jackson Hole, WY.
The last time he spoke, DOWN went the markets.
Hang on everybody!
Let me guess - this was “unexpected”???
NY Times:
Economic statistics released Friday offered the clearest sign yet that the recovery, already acknowledged to be sauntering, had slowed to a crawl.
The government lowered its estimate of economic growth in the second quarter to an annual rate of 1.6 percent, after originally reporting last month that growth in the three-month period was 2.4 percent.
The revision is a significant slowdown from the annual rate of 3.7 percent in the first quarter and 5 percent in the last three months of 2009.
Obama: Without my intervention, it would have been far worse.
Yes - unexpected.
Economists were expecting a revision to 1.4%.
Stock market futures are up on the unexpected good news...
Don’t forget - without the “Stimulus” package, unemployment might have risen as high as 8%.
I’d hardly consider that anemic growth “good” news, but what do I know...
What’s the definition of a Depression? I think we’ve got one.
The classic definition goes this way:
A recession is when your neighbor loses his job.
A depression is when YOU lose your job.
You may be correct about a depression.
But I think the American people are about to turn the country around. Don’t forget to vote.
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