Friday, November 30, 2012

ECRI’s Achuthan: Ignore GDP and the Fiscal Cliff, U.S. Is Already in Recession

Aaron Tasker of the Daily Ticker Interviews Lakshman Achuthan November 29, 2012:

The U.S. economy grew 2.7% in the third quarter, up from a previously reported 2% the government reported Thursday. But the guts of the report raised some concern, notably a big increase in inventories and a big downward revision to consumer spending.

For most economists, the GDP report provides further evidence of a U.S. economy that's growing modestly, but far from robustly. For Lakshman Achuthan, co-founder of the Economic Cycle Research Institute, the report is a distraction from the real story: the U.S. economy is already in recession.

Read more here.

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