Ed Morrissey says we're 'over the cliff', pointing to a drop in durable goods and a second-quarter GDP downgrade...
A key measure of the economy, especially in manufacturing, just had the bottom fall out. Orders for durable goods dropped 13.2% in August, the worst decrease in almost four years, and a large signal that the American economy is diving into a recession...the BEA also delivered its final word on Q2 growth, scaling down their last estimate of 1.7% to 1.3%.
MarketWatch has reports on both as well, here and here.
Another stark word came from James Pethokoukis of AEI today: ‘It’s all unraveling’.
Has the U.S. economy turned a corner? Yes, and then another corner and now it’s going backward. A slew of bad economic data today... Then we have this recession forecast from Strategas Research:
If the above forecast is correct, the National Bureau of Economic Research might wind up declaring that the U.S. economy slipped back into recession in late 2012 even though the economy was actually not yet contracting at that point. (Here is my post from earlier on why we are in the recession red zone.)
And if that happens, economic historians might well shove aside the weak three-year recovery and call the entire 2007-2013 period, the Long Recession...
Pethokoukis also points to weaknesses in the private sector, making the recovery unstable...you know, what Obama says is 'doing fine'.
But no, don't pay attention to any of this...just keep believing those bogus polls.
Or...wake up to reality.
