Meanwhile, the Dow/Nasdaq/S&P have all been taking it in the shorts the past couple of weeks as the Dow industrial average has dropped back to 38k.
And there's this:
Bidenomics: GDP Revised Down To A Slower 1.3% Growth Rate
The U.S. economy grew less than previously thought in the first three months of the year, expanding at an annual pace of just 1.3 percent, revised government data showed Thursday.
The downward revision was primarily driven by data showing that consumer spending grew by significantly less than previously estimated.
This was the smallest expansion in gross domestic product in almost two years. The prior estimate had the economy growing at a 1.6 percent pace in the first quarter.
Consumer spending grew an an annualized pace of two percent in the first quarter, the new figures show, down from the previous estimate of 2.5 percent. In the second half of last year, consumer spending had expanded at a better than three percent rate.
The slowdown in consumer spending is likely related to inflation, which has pinched household buying power. What’s more, most of the excess savings built up during the pandemic due to stimulus programs and Covid-related economic repression has been spent.
The biggest contributors to the slowdown since last year were a widening trade deficit and a smaller increase in business inventories. Businesses tend to cut back on inventories when they expect sales to be sluggish.
https://www.breitbart.com/economy/2024/05/30/bidenomics-gdp-revised-down-to-a-slower-1-3-growth-rate/Revisions to past reports are largely ignored by the media, but Breitbart's John Carney and other notable economists are an invaluable resource in this area.
