Regime’s Fudged Math Exposed Again: Economic Growth Revised Downward
The US economy, and we predicted this, and you probably instinctively knew it as well, “The US economy grew at a slightly slower pace than previously estimated in the third quarter, but weak inventory accumulation amid sturdy consumer spending strengthened analysts’ views that output would pick up in the current quarter.” That is horribly written. You know, I can’t tell you the number of typos, grammatical mistakes, just flat-out errors that now appear in what are supposedly solid journalistic websites. This is CNBC website, and that’s the most horribly constructed sentence I have seen in a long time, at least since yesterday. The bottom line here is that everybody was having an orgasm last month when the GDP was announced at 2.5%. Remember that? And we told you it would be revised outward once further information was discovered.
And, lo and behold, it has been revised downward, economic growth just 2%, well below the earlier estimate. Now, let me try this lead sentence again. “The US economy grew at a slightly slower pace than previously estimated in the third quarter, but weak inventory accumulation amid sturdy consumer spending strengthened views –” there should be a “that” in there or a comma “– strengthened views that output would pick up in the current quarter.” But they’re hoping and praying, there’s no solid basis for saying that.
“Gross domestic product grew at a 2.0 percent annual rate in the July-September quarter, the Commerce Department said in its second estimate on Tuesday, down from the previously reported 2.5 percent. While the revision was below economists’ expectations for a 2.5 percent growth pace, the composition of the GDP report, especially still-firm consumer spending and the first drop in businesses inventories since the fourth quarter of 2009 set the platform for a stronger economic performance this quarter.” They hope, they pray, they wish. So most of this article tries to make the case that this revision doesn’t mean anything. Good times just around the corner, folks.