How it started on today’s GDP numbers. . .
“First look at second quarter GDP growth at 8:30 a.m. expected to show very strong growth of nearly 9 percent. But the Delta variant, inflation, labor market and supply chain problems mean it could be the high water mark. Full preview in Morning Money”:
First look at second quarter GDP growth at 8:30 a.m. expected to show very strong growth of nearly 9 percent. But the Delta variant, inflation, labor market and supply chain problems mean it could be the high water mark. Full preview in Morning Money. https://t.co/DKzxWgSEpk
— Ben White (@morningmoneyben) July 29, 2021
How it’s going. . .
“Wow. Initial Q2 GDP growth at just 6.5 percent vs 8.5 percent expectations”:
Wow. Initial Q2 GDP growth at just 6.5 percent vs 8.5 percent expectations. https://t.co/x04xpYbJ4v
— Ben White (@morningmoneyben) July 29, 2021
Oof:
The economy grew an estimated 6.5% last quarter, although unfortunately, below expectations of 8.4%. pic.twitter.com/oZHhnWFuDO
— Steven Rattner (@SteveRattner) July 29, 2021
Breaking News
Whoa! Something is wrong.💥2Q21 GDP 6.5% significantly below est of 8.4%
💥Initial Jobless Claims 400,000Fed Chairman Powell Looks Brilliant
WH working on Spin
We need answers— Charles V Payne (@cvpayne) July 29, 2021
Big GDP miss 😬
— Scott Jennings (@ScottJenningsKY) July 29, 2021
Uh oh. https://t.co/pmn6ZoURO0
— Noah Rothman (@NoahCRothman) July 29, 2021
The consensus opinion was that GDP growth in Q2 would be 8.4%, but the official number just came in at 6.5%.
The forecasters missed by nearly 25%! Incredible.
— Pomp 🌪 (@APompliano) July 29, 2021
Not everyone was surprised, however:
The @AtlantaFed’s GDPNow estimate nailed the second quarter GDP— far better than Wall Street economists. Congrats to Pat Higgins. Final estimate yesterday was 6.4%.
— Steve Matthews (@SteveMatthews12) July 29, 2021
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