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Summer Of Recovery II?

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Mike

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:lol: :lol: :lol:


In his State of the Union address on Jan. 25, 2011, President Barack Obama suggested that the economy is in recovery mode.

"We are poised for progress," the president told a joint session of Congress. "Two years after the worst recession most of us have ever known, the stock market has come roaring back. Corporate profits are up. The economy is growing again."

We decided to see if corporate profits are indeed up in the past two years.

Statistics on corporate profits are calculated by the U.S. Commerce Department’s Bureau of Economic Analysis. They are determined both on an annual and a quarterly basis.

According to BEA, corporate profits -- officially known as "corporate profits with inventory valuation and capital consumption adjustments" -- were as follows:

2007: $1.511 trillion
2008: $1.263 trillion
2009: $1.258 trillion

Didn't happen did it? No? Didn't think so........................... :)
 

Steve

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if you looking for optimistic news, try MSNBC,.as the media has been cherry picking the data to only report the news you would find out anyways.. not the revised numbers.

if you want to understand why the markets are reacting to the other bad news..

Jul 29, 2011 – For 2007-2010, real GDP decreased at an average annual rate of 0.3 percent

For 2007-2010, the average annual rate of growth of real disposable personal income was revised down 0.6 percentage point

Annual revisions, usually made each July, incorporate newly available and more comprehensive source data, as well as improved estimating methodologies.

The revised estimates reflect the results of the annual revision of the national income and product accounts In addition to the regular revision of estimates for the most recent 3 years and the first quarter of 2011, (NIPAs).
http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
 

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