Today on Twitter, from Representative Vicky Hartzler (r):
Rep. Vicky Hartzler @RepHartzler
New #GDP numbers show the sharpest decline since 2009. (cc: @WhiteHouse) [….] 6:55 AM – 25 Jun 2014
And a reply:
Cody Welton @acoupstick
@RepHartzler @WhiteHouse check PMI numbers just released. Hack. 7:44 AM – 25 Jun 2014
That was rather adamant.
From the Institute for Supply Management:
FOR RELEASE: June 2, 2014
“The May PMI® registered 55.4† percent, an increase of 0.5 percentage point from April’s reading of 54.9 percent, indicating expansion in manufacturing for the 12th consecutive month. The New Orders Index registered 56.9† percent, an increase of 1.8 percentage points from the 55.1 percent reading in April, indicating growth in new orders for the 12th consecutive month. The Production Index registered 61.0† percent, 5.3 percentage points above the April reading of 55.7 percent. Employment grew for the 11th consecutive month, registering 52.8† percent, a decrease of 1.9 percentage points below April’s reading of 54.7 percent. The Supplier Deliveries Index registered 53.2† percent, 2.7 percentage points below the April reading of 55.9 percent. Comments from the panel reflect generally steady growth, but note some areas of concern regarding raw materials pricing and supply tightness and shortages.”
Don’t you just love social media?
Today’s GDP Number Is Not as Bad as it Sounds. But the Recovery Is Still Weak.
By Danny Vinik
….But this may be a case of bad news that’s not so bad-and maybe even good. The reason why consumer spending fell is that health care spending decreased by 1.4 percent in the first quarter. In fact, in the BEA’s second estimate, health care spending contributed 1.01 percent to the growth rate. Under the third estimate, it subtracted 0.16 percent. In other words, health care spending went from a strong contributor to GDP growth to a detractor from it-all in a quarter when millions of Americans gained health insurance….
And who keeps voting to repeal Obamacare? Just asking.