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Earlier this morning, we learned that Q2 GDP growth was actually 1.3 per cent, which is much lower than an earlier reading of 1.7 per cent growth.This was largely due to personal consumption, which was revised down.
We also learned that durable goods orders plunged 13 per cent in August, which was much worse than the 5.0 per cent decline expected.
Excluding transportation, orders fell 1.6 per cent. Economists were looking for a gain of 0.2 per cent.
We reached out to ECRI’s Lakshman Achuthan, who has been predicting a U.S. economic recession for around a year, despite harsh criticism.
And he only had one thing to say.
“As we recently noted, you’ll need to watch the rear-view mirror to see the recession come into focus,” he wrote in an email to Business Insider.
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