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Can You Trust Biden Economic Data 12 Days Before Election?

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The Biden administration magically reported the recession is over 12 days prior to the election.

Hmmmm….

In any event, the data was entire driven by trade, not consumption, as the Biden administration shipped weapons and energy to Europe, and pushed government spending.

According to the BEA, the upturn in the third quarter, compared to the second quarter, primarily reflected a smaller decrease in private inventory investment, an upturn in government spending, and an acceleration in nonresidential fixed investment that were partly offset by a larger decrease in residential fixed investment and a deceleration in consumer spending. Imports turned down, reported Zero Hedge.


Continuing Jobless Claims (Oct 14) printed at 1.438M vs 1.388M consensus estimate.

Core Personal Consumption Expenditures (QoQ) (Q3) printed at the estimate of 4.5%.

Durable Goods Orders (Sep) printed at 0.4% vs 0.6% estimate.

Durable Goods Orders ex Defense (Sep) printed at 1.4% vs 0% estimate.

Durable Goods Orders ex Transportation (Sep) printed at -0.5% vs 0.2% estimate.

Gross Domestic Product Annualized (Q3) PREL printed at 2.6% vs 2.4% estimate.

Gross Domestic Product Price Index (Q3) PREL printed at 4.1% vs 5.3% estimate.

Initial Jobless Claims (Oct 21) printed at 271k vs 220k estimate.

Initial Jobless Claims 4-week average (Oct 21) printed at 219k.

Nondefense Capital Goods Orders ex Aircraft (Sep) printed at -0.7% vs 0.5% estimate.

Personal Consumption Expenditures Prices (QoQ) (Q3) PREL 4.2% vs 7.9% estimate.

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1 comment

rufusvondufus October 27, 2022 at 4:04 pm

I’ll believe it! In the middle of December or January when the real numbers are made known. All of this is hype to try to save this morons presidency.

Reply

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