Obama economy tanks again
New durable goods orders in August fell by the most since the recession and a separate reading on the broader U.S. economy came in much weaker than expected. But weekly jobless claims sank to a two-month low, in a hopeful sign for the labor market.
New orders for long-lasting U.S. manufactured goods in August fell by the most in 3 1/2 years, pointing to a sharp slowdown in factory activity even as a gauge of planned business spending rebounded.
The Commerce Department said on Thursday durable goods orders dived 13.2 percent, the largest drop since January 2009, when the economy was in the throes of a recession. Orders for July were revised down to show a 3.3 percent increase instead of the previously reported 4.1 percent gain.This suggest future layoffs. It also is the precursor to the next recession and this is one Obama can't blame on Bush. Heck, he may even have to take 10 percent of the responsibility for it. Nah, he will blame you for not buying stuff.
GDP for the third quarter has also been revised downward from the anemic number previously given. The Obama economy continues to whistle as it walks through the grave yard of American hopes.