GDP Report Worst In Over Year
Friday's Q2 GDP report will offer the most comprehensive picture of how quickly economic conditions have deteriorated, just days ahead of the Federal Reserve's next policy meeting.
Economists were predicting a second-quarter pace above 2% annualized a few months ago, but the consensus is now 1.2%. That would be the weakest in more than a year and down from 1.9% in Q1 and nearly 3% in Q4 2011.
A GDP rate less than 2 percent is basically nothing. For comparison purposes, the Reagan recovery -- after the height of the Carter recession -- saw GDP growth rates over 7 (seven) percent.
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