There’s nothing that you can look at here that is signaling some revival in growth in the second half of the year, and in fact we may see another catastrophically weak quarter next quarter if things go wrong next week…[that is]…if Congress actually starts implementing a massive contraction by suddenly cutting government spending immediately”

Nigel Gault, chief United States economist at IHS Global Insight, remarking on recent revision of economic data that indicates the current GDP remains below it’s high-water mark in 2007: via NYT

The word for this report is ‘shocking.’ With slow growth, higher inflation and almost no consumer spending growth, it is very tough to find good news.

John Ryding, chief economist at RDQ Economics: via NYT

Apparently, contrary to what as Representative Dave Camp and EVP of the US Chamber of Commerce Bruce Josten would have one believe, neither economist is in on the joke.