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The Economy is Officially Over the Cliff
A key measure of the economy, especially in manufacturing, just had the bottom fall out. Orders for durable goods dropped 13.2% in August, the worst decrease in almost four years, and a large signal that the American economy is diving into a recession:
GDP growth for the second quarter was revised down to 1.25%. Here is Reuters:
Economic growth was much weaker than previously estimated in the second quarter as a drought cut into inventories, setting the platform for an even more sluggish performance in the current quarter against the backdrop of slowing factory activity.
Gross domestic product expanded at a 1.3 percent annual rate, the slowest pace since the third quarter of 2011 and down from last month’s 1.7 percent estimate, the Commerce Department said in its final estimate on Thursday.
Output was also revised down to reflect weaker rates of consumer and business spending than previously estimated. Outlays on residential construction export growth were also not as robust as had been previously estimated.
Data in hand for the third-quarter suggest little improvement in the growth pace..
serfer62
September 27th, 2012
Tjhe GOP Establishment wants to raise taxes for 2013…seems they can’t find a single idem to cut.
Eliminate rinos
Sapper Chris
September 27th, 2012
Yay! Can we start the fires and looting now?
Menderman
September 27th, 2012
1.3% growth, real inflation of about 4% (or higher) and a 10% drop in average income since 2009.
+1.3%
-4.0%
-10.0%
=
-12.7%
Can we call it Obama’s recession now?
awrite,awrite,awrite
September 27th, 2012
talk about cher theevin photo artists…someone’s got copyright issues
fffffffff vile, bitter dihihihiike …. wooohooooohoooo
hanoverfist
September 27th, 2012
I’t ain’t the fall that’ll kill you.
It’s the sudden stop at the bottom.
Stranded in Sonoma
September 27th, 2012
1.25%. 1.25 phuckin’ percent!!! That’s what a socialist economy produces!! France’s best year was 1978 at 1.60%. Geebus! And right now, we are worse than the best the French have ever done.
WOULD SOMEONE IN THE FUCKING PRESS POINT THIS OUT AS OBAMA’S FAULT BECAUSE IT IS?!?!
Anonymous
September 27th, 2012
This motherfucker’s mission is accomplished.
When the ebts stop and the blood is flowing in the streets remember this prick and his beard chomping down the $100 Waygu steaks.
Dear Lord help me with the loathing that I feel for these ghouls.
Anonymous
September 27th, 2012
If inflation is 4%, growth of 1.25% would mean that the GDP contracted by 2.75%. Start of the “Great Obama Depression.”
Tim
September 27th, 2012
“… diving into a recession:”
Real unemployment ~ 20%.
46 million Americans (and Rat People) on welfare.
Home values down 50% in 4 years.
Bernanke pumping worthless $billions into the economy.
I’d say we’re pretty deep into a recession, already.
sablegsd
September 27th, 2012
Depression. DEPRESSION!
Bad Brad
September 27th, 2012
In Sacramento during the last month.
Waste Systems Management-Gone to Texas 11,000 jobs
Comcast Tech support-Gone to Oregon 11,000 jobs
This morning it was announced they will close a Campbell Soup plant thats been her since 1943
750 jobs.
Nationally
Lockheed Martin laying off 550
Sikorsky has laid off some many people they’ve lost count.
Barry sucks.
Anonymous
September 27th, 2012
Its Ratboy Barry’s Fault.
Bob M.
September 28th, 2012
RECESSION: started 3rd Quarter of ’06.
GREATEST Depression: started January, 2009.
RECOVERY: Begins when OBAMA hits the Unemployment line, late January, 2013.