GDP
Shocker: US Economic Growth Crashes To Just 0.1% In Q1
Despite
consensus at 1.2% growth QoQ, the “weather” destroyed the fragile
stimulus-led economy of the US which managed only a de
minimus +0.1% QoQ growth (the lowest since Q1 2011).
However, as Steve Liesman noted on the heels of Mark Zandi’s
comments “basically ignore this number” – ok then. Spending
on Services, however, surged by the most since 2000 -
heralded as great news by some talking heads – but is merely a
reflection of the surge in healthcare and heating costs (imagine
if it had not been cold and if Obamacare hadn’t saved us). As
a reminder – this is the growth that is occurring as QE has run its
course, as stimulus ends, and as escape velocity nears… if the
“weather” can do this much damage to the US economy, should
stocks really be trading at the multiple of exuberant future hope
that they are?
Oops!
U.S.
GDP posts smallest gain in three years
Scant
0.1% gain a residue of bad weather, spring may revive growth
Economists
polled by Reuters had expected growth to slow to a 1.2percent rate.
The
slowdown partly reflected an unusually cold anddisruptive winter,
marked by declines in sectors ranging from businessspending to home
building.
“If
health-care
spending had been unchanged, the headline GDP growth number would
have been -1.0%,” Shepherdson
said.
If
It Wasn’t For Obamacare, Q1 GDP Would Be Negative
US
Mortgage Applications Sink To Lowest Level Since December 2000
NEW
YORK (Reuters) – Applications for U.S. home mortgages fell last
week to their lowest level since December 2000 as both refinancing
and purchase applications declined, an industry group said on
Wednesday.
The Mortgage Bankers Association said its
seasonally adjusted index of mortgage application activity, which
includes both refinancing and home purchase demand, fell 5.9 percent
to 333.2 in the week ended April 25. That was the lowest level since
December 2000, the group said.
Only
a Recession Can Kill a Bull Market – RBC’s Golub
Recent
Biotech And Momentum-Stock Selloff Is Just A Warmup For The
Bigger A Stockalypse
China
To Surpass USA As World’s Largest Economy This Year For First Time
Since 1873
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