Friday The US Commerce Department will release numbers on the economy and it’s not good. A survey by economists find the US economy for second quarter will fall to 1.3% growth. That down from 2.4% in the first quarter.
The expected news culminates a week of horrific economic news for President Obama and Congress. Housing sales both used and new are down in record numbers. Week unemployment is slightly down but it not good. Today, the stock market closed down below 10,000.
The midterm elections is two months away, it seems that the government has run out of ideas to boost the economy.
“Housing is in the tank. Confidence is going down. The stock market is going down. It’s hard to imagine how consumers will spend,” said Sung Won Sohn, an economics professor at Cal State Channel Islands and former chief economist for Wells Fargo.
Prof. Sung believe the chances that the US head into a double dip recession at “40% and going up.”
Los Angeles Times has more.