U.S. Economic Growth Slows In Q1, But Annual Pace Quickens

By RJS, a rural swamp denizen from Northeast Ohio, and a long-time commenter at Naked Capitalism. Originally published at MarketWatch 666.

Eurozone retail sales fell only slightly this month, but it was the 5th consecutive month, and the worst quarter since the 1st quarter of 2010. Please consider Markit Eurozone Retail PMI® March 2012.

James Picerno submits: The U.S. economy expanded at an annualized 2% in the third quarter, the Bureau of Economic Analysis reports. The rate of GDP increase for July through September is up slightly from Q2’s 1.7% pace, but still well below the 3.7% logged in this year’s first quarter or the robust 5.0% reading from last year’s final three-month stretch.

"Unexpected" weakness and downward revisions are hallmarks of the beginnings of recessions. And so it it with durable goods. Economists had forecast a gain, instead there was a 1.6% drop. Moreover July was revised lower as well.

James Picerno submits: Last year’s fourth quarter rise in GDP wasn’t as strong as initially estimated, the U.S. Bureau of Economic Analysis reports. That’s discouraging for all the usual reasons, along with the fact that the economy needs all the momentum it can muster if there’s an oil shock coming, courtesy of the turmoil in the Mideast.

(WASHINGTON) — A report Friday on April employment could show whether weak hiring in March marked a temporary lull or the fourth year in which a slumping economy has slowed job growth. Economists predict that the job gains likely improved on March’s 88,000 — the fewest in nine months. But the hiring isn’t expected to be much better. Most analysts think employers in April added more than 100,000 jobs but far fewer than the 196,000 that were added on average from September through February.

(WASHINGTON) — A report Friday on April employment could show whether weak hiring in March marked a temporary lull or the fourth year in which a slumping economy has slowed job growth. Economists predict that the job gains likely improved on March’s 88,000 — the fewest in nine months. But the hiring isn’t expected to be much better. Most analysts think employers in April added more than 100,000 jobs but far fewer than the 196,000 that were added on average from September through February.