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12-20-2013, 10:35 PM
Oh c'mon.... (http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm)
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 4.1 percent in the third quarter of 2013 (that is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau of Eco**mic Analysis. In the second quarter, real GDP increased 2.5 percent.
Uh huh.
Look, grab the tables and you see:
$252 billion in gross "add" to GDP.
Of that $117 billion was investment.
Of that $67.6 billion was additional inventory build (over the previous quarter); the gross was $144.8 billion (!), which is utterly e**rmous.
What's worse is the seasonally-adjusted rate, as shown here from FRED:
http://research.stlouisfed.org/fred2/data/B018RC1Q027SBEA_Max_630_378.png
If this inventory is **t sold through -- a build that on a seasonally-adjusted basis has never happened before, it will come directly out of PCE and Corporate Earnings in the next couple of quarters, and the earnings misses that will be associated with that are most-certainly **t priced in.
أكثر... (http://market-ticker.denninger.net/akcs-www?post=226960)
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 4.1 percent in the third quarter of 2013 (that is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau of Eco**mic Analysis. In the second quarter, real GDP increased 2.5 percent.
Uh huh.
Look, grab the tables and you see:
$252 billion in gross "add" to GDP.
Of that $117 billion was investment.
Of that $67.6 billion was additional inventory build (over the previous quarter); the gross was $144.8 billion (!), which is utterly e**rmous.
What's worse is the seasonally-adjusted rate, as shown here from FRED:
http://research.stlouisfed.org/fred2/data/B018RC1Q027SBEA_Max_630_378.png
If this inventory is **t sold through -- a build that on a seasonally-adjusted basis has never happened before, it will come directly out of PCE and Corporate Earnings in the next couple of quarters, and the earnings misses that will be associated with that are most-certainly **t priced in.
أكثر... (http://market-ticker.denninger.net/akcs-www?post=226960)