Joking aside, while the realization that nobody can fight the Fed except a cold weather front, is quite profound, in the first quarter GDP "grew" by a revised -1.0%, down from the +0.1% first estimate, and well below the -0.5% expected, confirming that while economists may suck as economists, they are absolutely horrible as weathermen. This was the worst print since the -1.3% recorded in Q1 2011.
Bottom line: for whatever reason, in Q1 the US economy contracted not only for the first time in three years, but at the fastest pace since Q1 of 2011. It probably snowed then too.Barry's buddies in the media came to his defense quickly to blame it on what else? Winter!
I still think the next quarter gives us back to back drops in GDP and that is the technical definition of a recession.
Maybe Barry and his ilk can produce another recovery summer.
What would that be? Recovery summer VII?