US administration still trying to hide the recession

Alright, so today we had the great relief to see that the US GDP rose by 1.9%
Pfeeew!!! No recession, the economy is sound and growing!

But, the market was expecting a lot more than that (2.3% consensus) ; which also rises the question about how much the market can be that irrational.

Bur more importantly, the Chain Deflator used to deflate the GDP from inflation has dropped to 1.1% from 2.6% in the previous quarter.

With inflation rising at record rate and being very hide, it's amazing to see a deflator of 1.1% and see it drop.

Well done! That's creative accounting and artistic number reporting!


SBVOR said...

Conspiracy theories aside, the data say:
No recession.

pej said...

You're right. The official data from the US government says that there's no recession :-)

But we would then be a growth period where 12% of the people are looking for a job, inflation is flying up, people in US are becoming poorer and poorer, standards of living are falling, but hey, the economy is growing.

I am not sure voters and tax payers care about growth when their life is miserable...