After my post yesterday the Commerce Dept. came out with new numbers that supported my conclusions.
Specifically GDP stalled out in the second quarter of this year to a measley 1.5% growth. The first quarter was updated to 2.0% (from 1.9%) while the fourth quarter of last year was a barn-burning 4.1%.
At the end of December of 2011, thinks were looking pretty good. However the last 6 months has brought an increased slowing due primarily to international events, continued weakness in housing and construction and that we are in campaign season for the Presidency.
Here’s an article about the GDP revisions. http://economywatch.nbcnews.com/_news/2012/07/27/12988841-us-economys-growth-rate-slows-in-2nd-quarter?lite