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9:01 AM, Jun 26, 2014 • By GEOFFREY NORMAN
Reports from the economic front, this week, have been discouraging. Especially yesterday's revise in first quarter GDP to almost three percent negative growth. A contraction, in other words. Another one of those, on the back of that one, and we are officially in a recession. Yesterday, the durable goods number for last month came in at minus 1 percent, which does not indicate a quick or robust bounce back.
Today, we get first time claims and as Lorraine Woellert of Bloomberg reports:
Two thousand fewer than last week. Two thousand more than economist expected. And nothing to write home about.
This is the Chicago Cubs of recoveries.
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