Today’s headline GDP number for Q4 2009 is 5.9%, an upward revision from the initial estimate of 5.7%…
But consumer and residential spending in the same quarter were revised downward.
Message: growth was mostly in inventories, consumer demand remains weak, and the housing market’s moribund.
In Movingforwardville, the headline number will be greeted with confidence, but in Goingbackwardville the numbers say it will be a long time before anything other than a jobless recovery comes to pass.
Gorilla says: “Read between the lines, and you’ll find the proper signs!”
Tags: GDP, goingbackwardville, movingforwardville, US Economy