The Obama Boom continues it’s unstoppable and strong performance! Durable goods orders collapsed last month by declining 13.2%. This was more than expected and another sign of the economic rot that is happening in reality. 2nd Quarter GDP was revised downward from 1/7% to 1.3%. This is a sign of economic stagnation.
New durable goods orders in August fell by the most since the recession and a separate reading on the broader U.S. economy came in much weaker than expected. But weekly jobless claims sank to a two-month low, in a hopeful sign for the labor market.
New orders for long-lasting U.S. manufactured goods in August fell by the most in 3 1/2 years, pointing to a sharp slowdown in factory activity even as a gauge of planned business spending rebounded.
The Commerce Department said on Thursday durable goods orders dived 13.2 percent, the largest drop since January 2009, when the economy was in the throes of a recession. Orders for July were revised down to show a 3.3 percent increase instead of the previously reported 4.1 percent gain.
[….]
Economic growth was much weaker than previously estimated in the second quarter as a drought cut into inventories, setting the platform for an even more sluggish performance in the current quarter against the backdrop of slowing factory activity.
Gross domestic product expanded at a 1.3 percent annual rate, the slowest pace since the third quarter of 2011 and down from last month’s 1.7 percent estimate, the Commerce Department said in its final estimate on Thursday.
Output was also revised down to reflect weaker rates of consumer and business spending than previously estimated. Outlays on residential construction export growth were also not as robust as had been previously estimated.
Despite these bad economic numbers, an increasing number of Americans think the economy is doing great. The media propaganda is convincing Americans things are awesome. Economic data suggests an economic slowdown. Yet because the Obama Regime is saying things are good, people believe it. Romney needs to run ads showing these bad economic statistics. Then again he needs to start running ads. Oh well!
