It is highly unlikely that Yooper is asking...been waiting for one of you dumbasses to post this news because, as usual, you don't understand.
Regarding the stock market:
Where were we in September of last year? Do you remember? No? Not surprising? Go back and look. Sept 21 to be exact.
Where were we at the end of December? Do you remember? No? Not surprising. Go back and look. Dec 24 to be exact. Oh...and try, I mean really try to understand
WHY we were where we were on Dec 24. What caused the precipitous drop from Step 21 to Dec 24...specifically the tumble from Dec 4 to Dec 24....make and effort. (Or don't and just continued to wallow in your own ignorance.)
Where are we today? Now...since you all don't see to understand this part. Compare Sept 21 to today. Notice any meaningful difference? No? Neither does anyone else who actually follows this (you know...like actual economists...people who actually READ the articles and not just the headlines)
Regarding the economy:
So Yooper is new here, it is possible that he doesn't understand how GDP reporting works. So here is a quick primer. The first estimate is released roughly on the last Friday of the month following the quarter's end. Then, that estimate is revised in each of the following two months. Further revisions may follow as the BEA updates how it measures the economy over time.
The report you are getting all hot and bothered about is the third and final estimate of Q2 it is essentially the same as the original estimate (3.2%) that was released in April. You may remember the initial release as all the other ignorati types were just dripping with excitement. None of them, like you, bothered to read the report. None of them bothered to try to understand whether or not the number was solid. They just read the headline number and bleating in unison.
Here is a much better summation than the one you posted:
U.S. economic growth surges in first-quarter, but momentum fizzling
Since you aren't likely to read it, here are the relevant portions:
Excluding trade, inventories and government spending, the economy grew at only a 1.3% rate in the first quarter. That was the slowest rise in this measure of domestic demand since the second quarter of 2013.
So just to make sure you understand what the above says: the trade bump was due to larger amounts of exports going out to beat expected retaliatory tariff hikes, inventory builds are not good signs, govt spending increases are fine IF they are not adding to an already worrisome debt load (which, in case you REALLY aren't paying attention is not what is happening)
When measured from the income side, the economy grew at a tepid 1.0% rate in the last quarter. Gross domestic income (GDI) was previously reported to have increased at a rate of 1.4%. The income side of the growth ledger was curbed by a dip in profits.
After-tax profits without inventory valuation and capital consumption adjustment, which correspond to S&P 500 profits, fell at a 0.2% rate as earnings of domestic nonfinancial corporations decreased.
In case you don't understand this: falling profits is bad.
The economy will mark 10 years of expansion in July, the longest on record. But momentum is slowing, with manufacturing struggling, the trade deficit widening again and the housing sector still mired in a soft patch.
I've told you about the reports coming out of the various Federal Reserve Bank Branches. They are definitely slowing.
While consumer spending appears to have regained speed in the second quarter, business investment in equipment is expected to have contracted further following Wednesday’s weak report on durable goods orders in May. The trade war between Washington and Beijing is hurting both business and consumer confidence.
Consumer confidence took a hit in the latest report from the Conference Board.
“Just as the expansion is set to become the longest in U.S. history, recession fears have increased,” said Scott Hoyt, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “U.S. businesses appear spooked by the president’s capricious trade policy.”
The Atlanta Fed is forecasting GDP growth to rise at a 1.9% annualized rate in the April-June quarter.
As of Friday, the Atlanta Fed GDP forecast fell to 1.5% due to the weaker data that came out this week. All the stuff you people don't bother to pay attention to. You know like all the actual economists who told you that tax cuts have only temporary impacts on the economy (which is exactly what is happening)...and all the economists who told you that the corporate tax cuts would not be spent on new plants, investments or hires, but instead on stock buybacks and dividend increases (which is exactly what happened)..and that the paltry cuts given to average Americans would not make much of a difference in consumer spending (it hasn't).
Oh...and just to point out what every actual economist actually knows...the US economy would actually be doing better, the US stock market would actually be doing better...if it weren't for Donald Trump and his asinine trade policies. But that is likely another topic you don't understand.
www.cnbc.com
