Recession Looms: GDP Revised Down to 1.3%, Durable Goods Collapse 13%
Because the media-narrative for the next 40 days must be, Obama can do nothing wrong and Romney can do nothing right — the corrupt media will sure focus on the fact that today’s jobless claims were lower than expected at 359,000 (which you can only celebrate on a curve). But there’s potentially catastrophic news in the economy today with two leading indicators that point towards a coming recession.
Our 2nd quarter GDP has just been revised downward from an already anemic 1.7% to a shockingly weak 1.3%. Moreover, orders for durable goods went — as Hot Air’s Ed Morrissey points out — “over a cliff,” collapsing a full 13%. Morrissey also reports that this is the single largest decrease in over four years and that a subsequent increase in inventories this month means demand won’t be improving any time soon.