The GDP number of 2.7% growth is being propped up by net exports, while consumption is at a cycle low. This is horrible for earnings expectations and risk assets. Net exports were at a low in prior quarters, making the economy look worse off than it was. Now the economy is actually worse off than it is and the metric is instead making it look better. This is why the NBER doesn't use "two quarters of negative GDP" to date recessions. There are too many false signals.
Don't fall for the GDP meme. The pain is coming.
Don't fall for the GDP meme. The pain is coming.
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The picture is old, the actual result was worse than the forecast. You get the point.
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The oil reserves were probably drained for the purpose of propping up GDP and putting a headwind to rising gas prices before midterm elections. Well played lizard men, well played.