鲜花( 4348) 鸡蛋( 18)
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发表于 2010-1-29 15:12
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看到一个观点觉得有点意思。# m5 r& k! J; N# f6 N6 g
While it is hard to argue that the 4Q US GDP result was strong (+5.7% quarter/quarter annualized) some perspective is needed here. Most of the increase was driven by a quirky statistical phenomenon known as the inventory swing. Indeed, despite the fact that inventories fell -$33.5 billion (real dollars) they contributed more than 3.8 percentage points to the headline because this decline was an improvement from the -$139.2 billion drop the prior quarter (it’s the swing that matters). The cleaner read on growth is ultimately real final sales, which excludes trade and inventory distortions – an “organic” measure, if you will. This number rose a much more modest 2.2% in real terms, which is the highest since 2Q 2008 when it printed 2.7%. Anyone that thinks the economy was on the verge of something special back then needs to revisit what happened in the third and fourth quarter of that year! The other thing to keep in mind is that following a recession to the extent of what we just witnessed, real growth historically has been closer to 7% in the immediate recovery quarters. We are a far cry from there even if we take this week’s 5.7% result at face value. Bottom line is that while the US economy does indeed seem to be carving out a bottom in earnest, we are still a ways away from anything even close to resembling strong growth. |
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