Thursday, June 02, 2011

Economic Bus Plunge Now In Rear View Mirror

Horror for US Economy as Data Falls off Cliff

"The last month has been a horror show for the U.S. economy, with economic data falling off a cliff, according to Mike Riddell, a fund manager at M&G Investments in London.

"It seems that almost every bit of data about the health of the US economy has disappointed expectations recently," said Riddell, in a note sent to CNBC on Wednesday.

"US house prices have fallen by more than 5 percent year on year, pending home sales have collapsed and existing home sales disappointed, the trend of improving jobless claims has arrested, first quarter GDP wasn’t revised upwards by the 0.4 percent forecast, durables goods orders shrank, manufacturing surveys from Philadelphia Fed, Richmond Fed and Chicago Fed were all very disappointing."

"And that’s just in the last week and a bit," said Riddell."


Anonymous Anonymous said...

Oh really ??? Who would have thought... the price of a home would drop. You mean you dont have 600 thousand dollars in your pocket for a 3 bedroom home. WTF the price of a home should never be more then the price to build it, so there your fuck'n relators and real estate fags, i hope your jobs too go down the tube, ahhhh poor babies, you mean you wont get your 15% closing fees. F- Off real estate employees, your all in a ponzie scheme, while your busy turning homes.. the US is turning into be third world living!

3/6/11 8:09 AM  

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