Tuesday, November 24, 2009

3rd Quarter Final GDP numbers

CNBC reported this morning that the final GDP numbers came in at 2.8% versus a preliminary number reported a month ago at 3.5% 3Q Final sales numbers came in at 1.9% versus 2.5% preliminary numbers. So after some time when we were all excited because it looked like we had a 3.5% GDP, and the "Green Chutes" were everywhere, it looks like it wasn't that good after-all.

Business investment was down 4.1% for 3Q according to the numbers released today.

I believe we will hear a similar story on Monday morning when Retail Sales are reported for the Friday and saturday after Thanksgiving. It too will be revised downward after a few weeks into December. This entire season is being manipulated to get people to spend and save businesses. There isn't anything wrong with trying to save businesses if you have some money to spend. It's just that the average houshold doesn't have any right now. And 20% of them are unemployed as well.

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