MarketWatch: GDP can't hide the gloom

Big revision in GDP won't mean much
Housing, consumer spending expected to weaken further

By Rex Nutting, MarketWatch


DENVER (MarketWatch) -- The economic optimists will get a cheer from some of the economic data in the coming week, but on the whole, the data should point to an economy that's still mighty troubled.

The calendar is extremely busy, with a wealth of data on housing, manufacturing, and consumers.

"All told, a lot of noise, but none of it likely to alter perceptions on the economy very much," said Avery Shenfeld, an economist for CIBC World Markets.

One release that's sure to get lots of attention is the first revision to second-quarter gross domestic product, slated for release Thursday. GDP growth is likely to be revised up to 2.7% annual growth from an estimate of 1.9%, according to our weekly survey of economists.

Growth that strong would normally be greeted with hosannas, but this one should come with an asterisk. The growth is mostly outside the United States, not in it.

The upward revision will be almost entirely due to stronger exports (in part due to a weaker dollar) and to much weaker imports. Net exports are contributing more to U.S. growth than at any time in nearly three decades.

Meanwhile, domestic demand is very weak and likely to get weaker in coming quarters. ......(more)

The complete piece is at: http://www.marketwatch.com/news/story/big-upward-gdp-revision-doesnt/story.aspx?guid=%7BA62AF198%2D2B21%2D42D7%2DA11C%2D601643E74137%7D

The GOP is heading for a massive shift to Oblivion...either morph center or go deeper into the abyss

The Righties have lost their edge...

Roe is gonna be the frosting ....no one wants to see coathanger deaths these days...no one...

he has ever had would be such a miserable (p)Resident?