U.S. economic growth slowed to a 2.4 percent annual rate in the second quarter as consumer spending remained weak and the trade deficit widened, the government said.
John Williams' Shadow Stats estimates that the government's model overestimates GDP annual growth by about 3%, so doing some simple math means the reported numbers actually signify a renewed annualized contraction of about -0.6%. Future economists will date the beginning of the double-dip to right about now IMHO.
Declining truck tonnage in June signals confirmation of slackening economic activity. That's bad news for all of my brand new Teamster fans who were hoping for a turnaround at YRCW. Too bad folks! More bad news will hit truckers if a proposed new federal law sneaks in new employment mandates under the guise of more stringent clean truck requirements. Passing that bill would be extremely bad for the trucking industry if it retains a requirement for direct hires by trucking companies, as that will make it easier for unions to penetrate harbor trucking companies and hold them hostage to insane demands. Harbor trucking companies need the flexibility to hire owner-operators and ports already have the ability to impose their own emissions requirements for truck engines.
Thanks for nothing, Teamsters.
