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Q2 GDP SLASHED TO 1.3%
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Q2 GDP SLASHED TO 1.3%

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Q2 GDP SLASHED TO 1.3%

The third reading on Q2 GDP just came out and the report was ugly.

The headline growth number was revised down to 1.3 percent on an annualized basis.

Economists expected the number to be unchanged at 1.7 percent.

"As we recently noted, you'll need to watch the rear-view mirror to see the recession come into focus," wrote ECRI's Lakshman Achuthan in an email to Business Insider.

Revised Q2 GDP - Business Insider
==========================

Any way you slice these numbers, they are absolutely lousy.

That, coupled with the reality that durable goods orders dropped 13.2%, does not bode well for any thought of "recovery" out there.

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. Economists polled by Reuters had expected orders for durable goods -- items from toasters to aircraft that are meant to last at least three years -- to fall 5 percent. - Durable goods drop worst since recession | Reuters

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