Over My Shoulder

The GDP number

July 30, 2014

My early take on GDP was WTF? Where? When Durable Goods has been up a lousy 0.1% for the quarter and somehow contributes 1.7% to growth, based on some assumptions? And they assumed another 1.7% of inventory growth, but when you look at the report, they assumed the largest inventory build in quite a long time, based on VERY little. This one will get revised down. It'll still be in solid growth territory, though, so it confirms that the GO we saw for the period was not a fluke. Maybe they are looking at that and assuming the inventory builds. Hope they are right, but don't trade on this number.  NOTHING ATTACHED, just my thoughts from 35,000 feet on the way to Maine.