GULP.

“Worse than thought” GDP is actually different from “worse than expected” GDP as this is the second estimate of GDP and not the first. Or something:

From CNBC:

First-quarter gross domestic product declined at a 1.5% annual pace, according to the second estimate from the Bureau of Economic Analysis. That was worse than the 1.3% Dow Jones estimate and a write-down from the initially reported 1.4%.

And this makes Q1 2022 “the worse quarter since the pandemic-scarred Q2 of 2020”:

But, don’t worry. . .

The AP says this “1.5% drop in GDP does not likely signal the start of a recession”:

At least not yet, anyway:

Now, not to rain on the AP’s parade, but there ARE signs that a recession is coming:

And big-name money managers are warning “the risk of recession has increased”:

Does anyone think oil and food prices are coming down anytime soon?

Lawrence Summer is sounding the alarm as well:

***

Related:

New poll shows Biden/Dems’ ‘Ultra MAGA’ & ‘Putin’s fault’ desperation is having opposite of intended effect

VIP ==> Politico’s coverage of Biden’s ‘historic convergence of crises’ contains more proof the media shouldn’t write about guns

THUD: Q2 GDP growth at just 6.5% vs. 8.4% expectations

 

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