Well, I've been writing about this all day, and I'm not surprised at all.
At New York Times:
RELATED: From Roger Simon, "Dow Down 500: Should Obama Resign?" (via Memeorandum).
At New York Times:
Until recently, most observers believed the American economy was in a slow recovery, albeit one with very disappointing job growth. The official figures on gross domestic product showed the United States economy grew to a record size in the final three months of 2010, having erased the loss of 4.1 percent in G.D.P. from top to bottom.PREVIOUSLY: "Commerce Department Downward Revision on GDP Growth, 2007-2010."
Then last week the government announced its annual revision to the numbers for the last several years. New government surveys indicated Americans had spent less than previously estimated in 2009 and 2010 on a wide range of things, including food, clothing and computers. Tax returns showed Americans even cut back on gambling. The recession now appears to have been deeper — a top-to-bottom fall of 5.1 percent — and the recovery even less impressive. The economy is still smaller than it was in 2007.
In June, more American manufacturers said new orders fell than rose, according to a survey by the Institute for Supply Management. The margin was small, but the survey had shown rising orders for 24 consecutive months. Manufacturers in most European countries, including Germany and Britain, also reported weaker new orders.
RELATED: From Roger Simon, "Dow Down 500: Should Obama Resign?" (via Memeorandum).
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