WASHINGTON — The government is about to confirm what many people have felt for some time: The economy barely has a pulse.
The Commerce Department on Friday will revise its estimate for economic growth in the April-to-June period and Wall Street economists forecast it will be cut almost in half, to a 1.4 percent annual rate from 2.4 percent.
That’s a sharp slowdown from the first quarter, when the economy grew at a 3.7 percent annual rate, and economists say it’s a taste of the weakness to come. The current quarter isn’t expected to be much better, with many economists forecasting growth of only 1.7 percent.
Such slow growth won’t feel much like an economic recovery and won’t lead to much hiring. The unemployment rate, now at 9.5 percent, could even rise by the end of the year.
“The economy is going to limp along for the next few months,” said Gus Faucher, an economist at Moody’s Analytics. There’s even a one in three chance it could slip back into recession, he said.
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“Lives touched” is the new, caring, sharing descriptive used to promote the myth that the economy is headed in the right direction. Where is the embarassment factor – shameful babble science! I went for supper last nite – here is a list of the lives touched (I’m retired so not sure if I “touch” or someone “touches” me, lol). 1) seating hostess 2) waitress 3) kitchen staff 4) bus boy. And hey that doesn’t count the trucking company, garbage disposal, maintenance people etc . When you think about it there is full employment and the economy is humming. Yesiree bub, we’ve got nervous whistling in the dark, as we creep past the graveyard called depression. Cheers. ps did I mention the only reason we were out was the 20% coupon?