Lakshman Achuthan: Rear-View Mirror - Business Insider

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Earlier this morning, we learned that Q2 GDP growth was actually 1.3 percent, which is much lower than an earlier reading of 1.7 percent growth.

This was largely due to personal consumption, which was revised down.

We also learned that durable goods orders plunged 13 percent in August, which was much worse than the 5.0 percent decline expected.

Excluding transportation, orders fell 1.6 percent.? Economists were looking for a gain of 0.2 percent.

We reached out to ECRI's Lakshman Achuthan, who has been predicting a U.S. economic recession for around a year, despite harsh criticism.

And he only had one thing to say.

"As we recently noted, you'll need to watch the rear-view mirror to see the recession come into focus," he wrote in an email to Business Insider.

Source: http://www.businessinsider.com/lakshman-achuthan-rear-view-mirror-2012-9

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