Good news! You may already be in a recession! Time’s Christopher Matthews:
It’s more than a little frightening that we’re seeing a spate of depressing numbers that could signal a recession on the horizon — or that one is already here. On Thursday the Commerce Department revised down its estimate of second-quarter GDP growth to 1.3% from an already sluggish 1.7%. If that weren’t bad enough, the Department also reported that orders of durable goods – long-lasting pieces of equipment like airplanes or heavy machinery – fell 13.2% in August. And Friday, the Project Management Institute was out with a survey which showed that manufacturing activity in the Chicago region was contracting, surprising many analysts. While it’s unwise to read too much into any one of these data, the three in succession are unsettling.
These data also give ammo to bearish commentators who have long been predicting a recession in either late 2012 or early 2013.
I guess we didn’t spend and print enough money.