June 28, 2010

MORE ECONOMIC NEWS: Consumer spending on goods drops in May. “The first event of Recovery Summer was the revaluation of Q1 GDP from a previously-announced annualized rate of 3.2% to 2.7%. New home sales dropped 33% last month, and existing home sales dropped 2.2% in May. The Commerce Department followed that with the news that consumer spending on goods dropped in May, while spending on services rose … mainly on energy costs. . . . Instead of improving, we’re sliding backwards. That’s not a Recovery Summer, it’s Relapse Season.”

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