“Economic Pilot in Reverse”: US Consumer Spending Unexpectedly Dips; Zero for 79

Jon Blogosphere, Controlled Media, Economy

Mainstream media headlines in the last two days offer an amusing look at GDP forecasts.
GDP Stronger Than Expected
Yesterday, the Financial Times reported US Rebound Stronger than First Thought.
The US economy’s second quarter bounce was stronger than previously thought, with the official annualised growth estimate increased from 4 per cent to 4.2 per cent.
The revision is more evidence of robust underlying growth in the world’s biggest economy as it swung back from a weather affected 2.1 per cent fall in the first quarter.

This post was published at Global Economic Analysis on August 29, 2014.