—David Rosenberg, Gluskin Sheff chief economist
The Wall Street Journal reports (see chart, hit to enlarge) that
The U.S. economy turned in its third consecutive quarter of subpar growth, with second-quarter GDP coming in at a 1.2% rate, well below consensus estimates of 2.6%. Moreover, the report came attached with benchmark revisions to prior periods; this showed that the fourth quarter of 2015 produced just a 0.9% rate (from 1.4%), and the first quarter just 0.8% (from 1.1%). Over the past year, the economy has expanded by only 1.2%.Comment: While consumer spending (70% of the economy) is up, business investment continues to fall, housing and factory construction has dropped sharply, productivity is flat, and the profits recession continues.
It’s still the economy, stupid. We need a president who understands how to create jobs.