A dismal performance at the plate by U.S. economic data this week takes us into the Holiday Weekend with less than cheery spirits.
Today’s 1Q GDP Revision came in unchanged at +1.8% which was a wide miss over the expected +2.2% revision and well below the 3.1% for 4th Quarter 2010.
Consumer spending slowed to +2.2%, well off the +2.7% expected
Weekly unemployment claims climbed to 424,000, well above the 400,000 expected and 414,000 prior with the only bright news coming from a decline in weekly unemployment numbers.
Today’s Commerce Department report, Employment report and yesterdays Durable Goods decline makes it “three strikes and you’re out.”
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