...as John Williams at shadowstats.com points out, 92 percent of growth last quarter came from nonrecurring items such as the sales bump from Cash for Clunkers, homes purchased by first-time homebuyers taking advantage of $8,000 tax credits, and inventory buildups. "As personal consumption and housing decline anew, lacking stimulus props, and as excess inventories get worked off, a renewed quarter-to-quarter decline in real fourth-quarter GDP is a fair bet," writes Williams.
- Doug French, Mises Institute
Tuesday, November 3, 2009
The REAL Story Behind the Numbers
Posted by Free Market at 3:21 PM