Economics Update

Well, they just revised the 2nd quarter GDP, and it went from an initial reading of 2.4% to a 1.6%, though it should be noted that a lot of this was driven by a surge in imports.

Still, this is not an economy expanding, first the US is one of the few nations on earth that applies hedonic adjustments to GDP, and the rate does not even cover growth in population.

But the banks can meet their bonus payments, and who cares about ordinary people.

Well maybe the people who sell stuff to, or make stuff for, ordinary people might care, because the ordinary people, as reported by the Thomson Reuters/University of Michigan’s Surveys of Consumers, are not in a spending mood:, as consumer sentiment fell again.

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