It’s magic … Until the strings break.
And if that wasn’t bad enough…::: Fed downgrades outlook for economy…
And now what the mainupation will look like …
The Federal Reserve has a more downbeat outlook on the U.S. economy for 2013 and 2014 than it did three months ago.
The Fed predicts that the economy will grow just 2 percent to 2.3 percent this year, down from its previous forecast in June of 2.3 percent to 2.6 percent growth.
Next year’s economic growth will be a barely healthy 3 percent, the Fed predicts.
But the Fed’s policymakers expect the unemployment rate to fall to 7.1 percent to 7.3 percent(as more aand more people drop out of the workforce) by the end of 2013, slightly below its June forecast of 7.2 percent to 7.3 percent. It predicts that unemployment will fall as low as 6.4 percent next year, down from 6.5 percent in its June forecast.
The unemployment rate is now 7.3 percent.
Unemployment rate is truly meaningless anymore.
Of student loan debt …
Notice anything about this chart of student loan debt owed to the Federal government? Direct Federal loans to students have exploded higher, from $93 billion in 2007 to $560 billion in early 2013. This gargantuan sum exceeds the gross domestic product (GDP) of entire nations—for example, Sweden ($538 billion) and Iran ($521 billion). Non-Federal student loans total another $500 billion, bringing the total to over $1 trillion.
Does this look remotely sustainable? Does it look remotely healthy for students, society, taxpayers now on the hook for a half-trillion dollars in potential defaults or the U.S. economy?
Free money, not so free.
Our manipulated world …
Where are they hiding the expenses : MYSTERY: Nation’s Debt Unchanged – for 87th Straight Day?!
How do you do this, unless you have the Fed ( money printing ) helping you to disguise the truth. How do you print in the dark?
Remember always wait for the revisions, as the first release GDP is an ESTIMATE. By the third release all the facts are baked it and the truth comes out.
How did that revision cycle work last quarter … The first estimate of the quarter GDP came in at 1.8% and then got revised downward to the final print of 1.1%.
Since the lamestream is an Obama supporter, all they told you about was “yea — yield 1.8%” and you probably never heard the bad news revisions, which came later.
Ask yourself why the government inflation index, NOW excludes food and fuel costs? Why? They remember that is the ruling class, what happened to Jimmy Carter, that’s why … Never again will we allow that to happen. Isn’t food and fuel costs you incur most? Kill the middle class, just hide it …
You’re being played. And they are doing it again with GDP … The truth lost in a sea of government generated statistics, so you will feel better and never know the truth why you don’t.
Roll presses. Print it …
So now we pick up the story, start at an anemic 1.7% and go from there. All the economies worldwide are down. Unlike our very own great depression, where America stood alone under the assault of FDR and his alphabet soup administrative how to best run your life, agencies. But now Obama has included the whole world in his miserable USA economy. Where the USA if we had the same numbers of people working today as when he took office our real unemployment would be over 11%. And you wonder why they have to revise the way the government does accounting to levels and statistics not seen since the Great Stock Market crash of 1929.
So always wait for the real number and don’t play the lamestream media’s silly game.
Print print print !!!
So the story now is GDP rose for the quarter from 1.1.% to a roaring 1.7% … The truth is it likely went down, the real story is personal consumption nose dived. Se the facts for yourself.
Feel good now?
Worst. President. Ever. The economy is being crippled by this fraud …
Barack Obama told his low-information supporters yesterday that the US economy was “back to where we were.”
The Washington Examiner reported:
President Obama explained that the U.S. economy was back, during an address to his former campaign operation turned into a non-profit – Organizing for Action.
Obama reminded them that when he took office “the bottom had fallen out” of the national economy – citing rising inequality and middle class struggles.
“Now, the good news is over the last five years, we fought alongside people like Nancy Pelosi. But most importantly, because of the grit and resilience and determination of the American people, we’ve been able to clear away the rubble and get back to where we were,” Obama explained.
Obama added that the economy was the most important item on his agenda – even though he noted that climate change, women’s rights, civil rights, and gun violence were still important.
Obama previewed his Wednesday speech which he revealed would be more “thematic” about how to make the economy stronger.
The man has no shame.
Try this chart ..
Does that look like “we are back” or does it look like a bald faced lie, for the ignorant Obama voters. Keep in mind that births have, or should have, actually increased the size of our labor force. NBER is the National Bureau of Economic Research.
You’re confusing the folks.
Don’t you have a pipeline to each other , behind the pages? Our vacationing Obama slipping up?
Which is it, did we grow or did we slow?
Big Government minders must have taken vacation time as well …
Recount the billions of dollars wasted on this … Wasn’t the porkulus originally about $9oo Billion, and for what?
What did we get for the money other than some bankrupt carcuses of dead companies littering the landscape.
All hat no cattle… In fact he no longer even talks a good game, it’s just recycled gibberish.
I almost feel sorry for the Obama Administration’s spin doctors. Every month, they probably wait for the unemployment numbers from the Bureau of Labor Statistics with the same level of excitement that people on death row wait for their execution date.
This has been going on for a while and today’s new data is another good example. As this chart indicates, the White House promised that the unemployment rate today would be almost down to 5 percent if we enacted the so-called stimulus back in 2009. Instead, the new numbers show that the jobless rate is 7.9 – almost 3.0 percentage points higher.
I enjoy using this chart to indict Obamanomics, in part because it’s a two-fer. I get to criticize the Administration’s overall record, and I simultaneously get to take a jab at Keynesian spending schemes.
What’s not to love?
Compare to other modern recessions …
Chart from the Minn Fed.
Total employment in the U.S. has recovered to about the halfway point of its previous high. Looked at this way, the Less Bad Recovery is chugging along, but at a very slow rate. Total employment, at 143.28 million, sits roughly in the same place as it did in 2005.
However, a recent chart from Jacob Goldstein at the NPR blog is useful, as it shows how singular and unusual the Great Recession has been during the “recovery” phase compared to other post-war recessions.
How much worse is it this time? Here’s the answer: In previous postwar recoveries, the number of jobs was about 7 percent above its previous peak by this point, on average. In other words, if this had been a typical recession and recovery, the U.S. economy would now have roughly 10 million more jobs than it did at the previous peak. In fact, there are now three million fewer jobs.Print fiat money till you drop …
The ISM-Chicago Business Survey, a regional view of the national economy, is a time-tested, market-moving report. The CHICAGO Report is available to subscribers 3 minutes before its release to the public 8:45 a.m. CT on the last working day each month. The Chicago Business Barometer, summarizing current business activity, also is known as Chicago Purchasing Manager Index or Chicago PMI. The Barometer is considered to be a leading indicator of the USA economy.
April 2013: The Chicago Purchasing Managers reported April’s Chicago Business Barometer fell 3.4 to 49.0, a 3-1/2 year low. Except for a minor gain in New Orders, all Business Activity measures weakened in April with five of seven now in contraction. BUSINESS ACTIVITY: SUPPLIER DELIVERIES, PRICES PAID, and PRODUCTION: all lowest since 2009; ORDER BACKLOGS: ten months of contraction in the past 12 months; EMPLOYMENT: third month over month decline. BUYING POLICY: CAPITAL EQUIPMENT longest since August 2012; MRO SUPPLIES shortest in five months.
Download the full report.
“Dr Copper” is in contract mode … ‘Dr. Copper’ Tells Markets the Party’s Over: Albert Edwards
The price of copper has traditionally been one of the very best indicators of the future performance of the U.S. economy. The fact that it is down nearly 20 percent so far this year has many analysts extremely concerned…
Copper’s downward trend foreshadows a stock market collapse, according to Societe Generale’s famously bearish strategist Albert Edwards, who said equity markets will riot “Japan-style.”
“Copper is acting exactly as it did when I wrote about the impotence of liquidity in the face of the (then imminent) 2007 recession. Once again it is giving us an early warning that liquidity will not save risk assets: time to get out of equities,” Edwards wrote in his latest research note, on Thursday.
Three-month copper prices rallied 2.45 percent on Friday morning in London,but the metal is down 18.6 percent so far this year.
Commodities trader Dennis Gartman agreed with the view that downward movements in copper and other base metals are a bad sign for the global economy.
“The base metals do speak loudly, and they’re speaking very bearishly,” Gartman, who edits The Gartman Letter, told CNBC on Wednesday.
A PMI below 50 is recession ahead leading indicator.
Isn’t today the jobs, jobs bobs speech #1001. I wonder what another teleprompter seance is going to do? I suppose the sequester did it, but you already know the power of the sequester, didn’t you.