More of the Same
9:33 AM, Apr 26, 2013 • By GEOFFREY NORMAN
Economists surveyed by the Wall Street Journal were predicting that we would learn, this morning, that Gross Domestic Product had grown by 3.2 percent in the last quarter. Sorry about that; the economy said as the number came in at 2.5 percent.
We were warned, yesterday, by Neil Irwin at the Washington Post, not to get too carried away when a number around 3% came in. For one thing, it would be somewhat distorted by one time events such as large dividend payments at the end of calendar '12 in anticipation of the new tax rates and, also, the end of the payroll tax cuts. Another case of Washington sending out contradictory signals and these things might cancel out but ... who knows? Anyway, best not to get carried away by a 3% number. A good way of keeping things in perspective, Irwin concluded, would be to:
So ... things are a little worse than not so hot.
Meanwhile, Washington moves to make life tougher for on-line businesses and the businesses brace for the Obamacare train wreck.
Welcome to more of the same.
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