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MFn GIMP
LSU Fan
Member since Feb 2011
8993 posts

Q2 GDP Downgraded to 1.3%

Lots of bad economic news today:

Durable Good orders dropped 13% in August. Nondefense capital goods orders dropped 24%.
And Q2's GDP was downgraded from 1.7 to 1.3%.
quote:

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.3 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter), according to the “third” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent.

The GDP estimate released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was 1.7 percent (see “Revisions” on page 3).


That Q1 final number was a decrease from the initial estimate as well.

And worst of all Reuters Business blames the decrease on the drought:
quote:

Reuters Business ?@Reuters_Biz

GDP second-quarter GDP cut to 1.3 percent on drought LINK


The drought was in Quarter 3 so I wouldn't expect better news in October.
This post was edited on 9/27 at 8:25 am



SilverSpurs13
LSU Fan
New Orleans, LA
Member since Aug 2011
1035 posts
Online

re: Q2 GDP Downgraded to 1.3%
Obama!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


GumboPot
LSU Fan
Saints Fan
Member since Mar 2009
30656 posts
Online

re: Q2 GDP Downgraded to 1.3%
But, but the stock market...


udtiger
LSU Fan
Louisiana
Member since Nov 2006
30333 posts
Online

re: Q2 GDP Downgraded to 1.3%
1.7 to 1.3?

That's not a minor adjustment (plus, it is subject to further revision).

Obama IS awesome!


Jake88
George Mason Fan
LSU/Saints Fan
Member since Apr 2005
13004 posts
Online

re: Q2 GDP Downgraded to 1.3%
Yet none of the casual voters who will decide the election will hear or understand this.


GumboPot
LSU Fan
Saints Fan
Member since Mar 2009
30656 posts
Online

re: Q2 GDP Downgraded to 1.3%
Food stamp president.


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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
5068 posts
Online

re: Q2 GDP Downgraded to 1.3%
quote:

But, but the stock market...



Air is continually being pumped into the bubble... eventually the "electronic" wealth shown in the market index will see it's correction take place, and you will see the air rabidly come out of the bubble, almost like it has popped....


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MFn GIMP
LSU Fan
Member since Feb 2011
8993 posts

re: Q2 GDP Downgraded to 1.3%
quote:

Yet none of the casual voters who will decide the election will hear or understand this.

They can feel it though. Plus you can bet your arse Romney brings it up during the debates.


Radiojones
USA Fan
The Twilight Zone
Member since Feb 2007
7948 posts

re: Q2 GDP Downgraded to 1.3%
We are in real trouble and no one is doing anything about it except printing more money.


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jclem11
TCU Fan
Houston, Texas
Member since Nov 2011
3007 posts

re: Q2 GDP Downgraded to 1.3%
Forward.


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Catman88
LSU Fan
Baton Rouge, LA
Member since Dec 2004
41519 posts

re: Q2 GDP Downgraded to 1.3%
Yea time for the fed to pump some more money into that bubble.

Let those margins grow on the back on the GDP. Then when they finally hit the limit this country will discover that the economy was not growing as well then CRASH. You can expect this in the next 3 years if the economy isnt drasticly improved. Its not a matter of IF it will happen.


otowntiger
LSU Fan
O-Town
Member since Jan 2004
9306 posts

re: Q2 GDP Downgraded to 1.3%
quote:

Lots of bad economic news today:
But you know what? The funny (and sad) thing is it won't affect the polling date one iota. It seems those that support Obama have drank the koolaid and are supporting him come hell or high water. They've completely turned a blind eye to all things related to the economy.


GumboPot
LSU Fan
Saints Fan
Member since Mar 2009
30656 posts
Online

re: Q2 GDP Downgraded to 1.3%
quote:

Yea time for the fed to pump some more money into that bubble.


Haven't you heard? We are under QE3...err Qinfinity, now. The printing presses are rolling at $40 billion a month.


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speckledtrout
Alabama Fan
Birmingham, AL
Member since Apr 2011
1902 posts

re: Q2 GDP Downgraded to 1.3%
You'd think that people would realize that Obamanomics is a complete and utter disaster.

As previously stated, the market is inflated much like the housing market was. There will be a correction and it will be bad.

But, forward!





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LSUgusto
Member since May 2005
16760 posts

re: Q2 GDP Downgraded to 1.3%
quote:

Plus you can bet your arse Romney brings it up during the debates
I'm losing faith in this. I keep waiting for him to "bring it" and he seems to be going the other way. In another post, it was suggested this was an appeal to the soft undecideds. I dunno. I think a stark contrast works more in his favor rather than a muddled overlap.


NHTIGER
LSU Fan
Central New Hampshire
Member since Nov 2003
13175 posts

re: Q2 GDP Downgraded to 1.3%
quote:

1.7 to 1.3?

Actually, it's 1.5% (first estimate-July 27th) to 1.7% (second estimate - August 29th) to 1.3% (third estimate - Sept. 27th). Really shows how long it takes for the numbers to shake out properly.

Which is why the the first estimate of the 3rd quarter GDP, which will be announced on October 26th - 10 days before the election - should be taken with a BIG grain of salt.If it's a bad number, you can expect Obama and the MSM to emphasize that it's only a "very preliminary" number and no conclusions should be drawn from it. On the other hand, if it's a good number, you will hear it hammered home non-stop (with no mention of "preliminary") from Oct, 26th through Nov. 6th.


speckledtrout
Alabama Fan
Birmingham, AL
Member since Apr 2011
1902 posts

re: Q2 GDP Downgraded to 1.3%
With the decline in durable goods orders and first time unemployment claims still above 350k, I don't see how the 3Q GDP estimate can be anything higher than the 1.3% we have now.



LSUgusto
Member since May 2005
16760 posts

re: Q2 GDP Downgraded to 1.3%
quote:

They've completely turned a blind eye to all things related to the economy.
As well as foreign policy.

The Obama administration has been busted covering up a terrorist attack, and is now being outed for not even pursuing if not outright blocking its investigation. Our standing the world is down around the globe, something that was vitally important during the Bush years, and now nobody gives a shite.

They ignore scandal after scandal, and seize upon misstatements of Romney as horrific occurrences threatening the republic. It's extremely discouraging how little Obama is held accountable for by the folks.

They're willing to overlook complete failure out of some deluded fear that a man with a proven record of success will be far worse.


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NHTIGER
LSU Fan
Central New Hampshire
Member since Nov 2003
13175 posts

re: Q2 GDP Downgraded to 1.3%
"The deceleration in real GDP in the second quarter primarily reflected decelerations in PCE, in nonresidential fixed investment, and in residential fixed investment that were partly offset by smaller decreases in federal government spending and in state and local government spending and an acceleration in exports.


"smaller decreases" - hmmm

So even the "good" part is bad news !


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RedStickBR
LSU Fan
Member since Sep 2009
10337 posts

re: Q2 GDP Downgraded to 1.3%
Today's data/revisions look quite recessionary, I agree.

LINK


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