Wait. Are they now saying there was not retraction but instead there was growth?
Bullshit.
“The initial GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is 1.9 percent on April 29.”
How’d that work out for ya?
They had this quarter up 2% or something like that as well at the start of Q2
They didn’t finally admit it would be negative until mid July.
It’s a fraud. Q3 will be negative as well and they know it
Ask yourself a simple question: Do I need someone else to tell me if there’s a recession?
Experts.
We are entering a depression and will be fully in one by the end of the year.
Another major difference between GDPNow and the official GDP is the organizations that produce them. The Atlanta Fed runs GDPNow. The Bureau of Economic Analysis within the Commerce Department calculates and publishes the official GDP. They use different methods to calculate GDP, thus the GDP will be different.
Understanding the real meaning of economic reports gives perspective as to the real meaning of figures, their utility and what they predict or not predict. The media will not tell you. They are economic morons that are indoctrinated to write at a sixth grade level. You have to teach yourself and tear apart models to know what they really mean.
By the way, there are plenty of other ways to know we are in a recession beyond GDP figures. You probably have known for sometime we are in a recession just by going about life. That is as valid, if not better than economic reports. Or you may have noticed the treasury yield curve has been inverted. Anytime there is a prolonged inversion of the yield curve there as always been a recession. That’s not an economic report. That’s just market data.
Read later.