July 29, 2011

Obama’s Economy Slows Sharply In 2011, Second Quarter Way Below Expectations At 1.3%, First Quarter Just 0.4%

“GDP Just Missed Expectations At 1.3%. Analysts Were Looking For 1.8%. Even Worse, Perhaps: Q1 GDP Was Revised From 1.9% All The Way Down To 0.4%, Which Is Stunning.” (Joe Weisenthal, “BAD: GDP Misses Estimates At 1.3%,” Business Insider, 7/29/11) GDP REPORT LEAVES AMERICANS STRAINING TO SEE THE OBAMA RECOVERY
Business Insider: “Bad All Around.” (Joe Weisenthal, “BAD: GDP Misses Estimates At 1.3%,” Business Insider, 7/29/11) MSNBC’s Simon Hobbs: “These Are Shocking, Shocking Figures; It Means That The Economy Is Nowhere Near Growing Fast Enough To Bring The Unemployment Rate Down.” (MSNBC’s, “Morning Joe,”

CNBC’s Jim Cramer: “It’s Very Clear That There Is No Recovery To Speak Of.” (CNBC’s, “Squawk On The Street,”

MSNBC: “US Economy Slowed To Snail's Pace In Second Quarter. (“US Economy Slowed To Snail's Pace In Second
Quarter,” MSNBC, 7/29/11)

The Associated Press: “The Economy Slowed In The First Six Months Of 2011 To Its Weakest Pace Since The Recession Ended.” (“U.S. Economy Slowed Sharply In First Half Of 2011,” The Associated Press, 7/29/11) The Wall Street Journal: First Quarter Revision “Showed The Slowdown Since The Beginning Of The Year Was Much More Drastic Than Previously Thought.” “The U.S. economy expanded at a slower pace than expected in the spring as consumers cut back on spending, while revisions showed the slowdown since the beginning of the year was much more drastic than previously thought.” (Tom Barkley and
Jeff Bater, “U.S. GDP Grows Just 1.3%,” The Wall Street Journal, 7/29/11)

Guy LeBas, Chief Fixed-Income Strategist at Janney Montgomery Scott LLC: “We’re In Economic Doldrums Right Now.” “‘The transition into the second half is on rocky footing,’ Guy LeBas, chief fixedincome strategist at Janney Montgomery Scott LLC in Philadelphia, said before the report. ‘Consumers are just refusing to increase their spending, which sets the stage for a stagnant economy. We’re in economic doldrums right now.’ (Shobhana Chandra, “Economy In U.S. Grows Less Than Forecast,” Bloomberg, 7/29/11) Economist Nouriel Roubini: “Stall Speed In The Economy: Q2 Growth Down To 1.3% And Q1 Growth Revised To 0.4%. And Q3 Starting On Weak Note. This Isn't A Soft Patch” (Nouriel Roubini, Twitter
Feed, 7/29/11)

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