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Goldman Lowers Q1 GDP For Second Time In One Day
Earlier we noted how Goldman cut their tracking forecast for Q1 GDP from 2.3% to 2.0% on weaker consumer spending data (which somehow resulted in a surge in consumer confidence: oh well, the US branch of the Chinese Department of Truth has to justify its budget somehow). Not even a full two hours later, the firm has just whacked its forecast for Q1 GDP again, this time on the major ISM miss. And this, ladies and gents, is ultra high frequency economics, where HFT machines push the market up and down without reason, and where this has an immediate impact on economic indicators, all changed around in real time.
From Hatzius:
1. The ISM manufacturing index unexpectedly declined in February, in contrast to the improvement seen in all the major regional manufacturing surveys. The composition of the report was broadly in line with the headline result. The new orders index—the most forward looking component—fell to 54.9 from 57.6 previously, returning close to its level in December. The employment index fell to 53.2 from 54.3, and the production index slipped to 55.3 from 55.7. One bright spot in the report was the export orders index, which rose to 59.5. This component has surged nearly 10 points since October. The price paid index rose to 61.5, indicated increasing input cost pressures for firms.
2. Construction spending declined by 0.1% (month-over-month) in January, in contrast to consensus expectations for a moderate gain. However, the report also included a large upward revision to construction spending growth in November (to +1.9% from +0.4%). The level of construction spending was therefore close to consensus expectations, once revisions are taken into account.
3. That being said, the components of the construction spending release which directly affect GDP were weaker than expected on net. We therefore revised down our tracking estimate of Q1 GDP growth by one tenth to 1.9% (annualized).
Watch for the Wall Street lemming brigade to quickly follow in Goldman's footsteps.
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Bullish
Deja Bullish.
negative coming, bitchez! By 1pm they will revise it to -1%
ultra high frequency colo economics from the bavaria sachs school
Surely they must be ultra long now (as per reverse psychology/lies/misinformation - delete (or not) as appropriate)
Ah, let me guess. The high cost of oil sucking money out of peoples pockets??
Let me think. Ipad3 or gas for my car. What's more important?
duuuuhhhh...obviously the iToy will have an app to create gas to put in your car
Why do the proles need gas, if there are no jobs?
Tailgate parties. Also how are the oil companies to survive if the proles don't burn up the gas they're producing?
Gasoline availability is the the way the way the proles are kept in control by TPTB. No gas, no prole control. No prole control, dead PTB. Got it?
"Tailgate parties. Also how are the oil companies to survive if the proles don't burn up the gas they're producing? Gasoline availability is the the way the way the proles are kept in control by TPTB. No gas, no prole control. No prole control, dead PTB. Got it?"
Every month with utility bill we received veiled warnings that we use more than our neighbors. But if they want us to use less (which they claim), what happens to their profit? Many are using and not paying at all, so if the payers use less and get billed for the corresponding less...
I suppose we're going to pay more for less. Unless we get off the grid. Bank/energy cartels (or the companies owned by their subsids) are in the solar panel and wind power businesses...also food pharma health care, etc.
Who are TPTB? The Federal Reserve Cartel: The Eight Families , Consolidating US Money Power: The Four Horsemen of Global Banking , The Four Horsemen Behind America's Oil Wars
iPad DUH.....if you don't buy an iPad, Apple tanks. Apple tanks, the market dies. Market dies, we go Mad Max.
Welcome to economic blackmail via market cap!
They might revise it a third time based on the number of responses to this post.
We don't need no stinkin GDP Growth. We have M2 growth, National Debt Growth, and social payments growth.
those assholes are so fucking desperate for more ass love from the Fed
How can this be? Bob Piss-on-me told me everything is fixed this morning! Retail, Europe, Greece. C'mon. Bob don't lie!
piss in the ass
http://www.youtube.com/watch?v=QD19kM-KCIY
Goldman... One of the lowest performing DJIA companies in terms of Return on Equity...
http://azizonomics.com/2012/03/01/wall-street-vs-chimps/
Long: Vapor
I thought this sounded familiar:
Apr 28, 2011 – GDP report shows higher oil prices, inflation and continued housing weakness all took bites out of economic growth in first quarter.
Expected 3% Got 1.8% Nothing ever really changes. We just don't care anymore.
.GOV , .CORP and .MEDIA ... the strata of ultimate obfuscation and corruption. These socio-psycho-paths are indeed the scum of the earth.
This is clearly bullish
The Godfather 3 economy: Just when I thought I was out... they pull me back in.
Personal Income Remains Anemic, Spending Flat, ISM Declines - Wait for Higher Gas Price Rises to Kick In!
http://confoundedinterest.wordpress.com/2012/03/01/personal-income-remai...
All that matters is consumer confidence.And it's up.
/sarc
And so the lipstick comes off the pig...
The true picture of the California housing market – 114,000 foreclosures listed on the MLS but 257,000 foreclosures are active. Over 622,000 homes are in foreclosure or have missed at least one mortgage payment. 30 percent of California homeowners in negative equity. Net worth and income data for the state.
http://www.doctorhousingbubble.com/
Quick! Price your guidance for Vampire Squid beat, on the never ending earnings reports. XYZ(chip maker), will be reporting Q-1 earnings in September to insure BTFD!
My proxy for Economic health will be MLB Attendance! Personally I think the second half of the year is going to suck dingle-berries.
I can't wait for the Debt Ceiling shit to hit the fan!
http://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdf
What's the over/under on the time until the next reduction?
The Wall Street Ranter
my classmate's mother makes $84 an hour on the internet. She has been fired from work for nine months but last month her pay was $19551 just working on the internet for a few hours. Read more on this web site ..... http://goo.gl/skBIp
goldman is leading the short selling!
http://www.jinrongbaike.com/
http://www.cnhedge.com/