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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Terry Maloney who wrote (408887)	8/3/2010 4:51:16 PM
From: Giordano Bruno	Read Replies (1) of 436258

Oooops, we are in recession From JPMorgan: Q2 GDP 1.7 % The assumption that the Bureau of Economic Analysis had made regarding factory inventories in their initial estimate for Q2 GDP was a bit off the mark, and it now appears that growth last quarter was closer to 1.7%, rather than the 2.4% reported last Friday. (Of this downward revision, 0.1%-point came in yesterday's construction report). Inventories at manufacturers of nondurable goods decreased around $4 billion in June, rather than increasing $1 billion as BEA had assumed. As a result, it now appears economy-wide nonfarm inventories increased at a $55 billion annual rate last quarter, and stcokbuilding contributed 0.5%-point to GDP growth, rather than the 1.1%-point initially reported. With the implied revisions, second quarter growth is now looking especially soft. On the brighter side, the prospect of a big inventory overhang weighing on third quarter production -- which loomed large in the initial estimate -- now appears less threatening. The Summer of Recovery...

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