Hang on to your Hats, we are in for a Wild Ride.

>First off I have zero documented proof at this time, this is just my gut feeling based upon experience & observation.
>
>After reviewing the data released today regarding GDP over the last 3 quarters I've come to my opinion.
>
>Here's my case :
>Recession : A decline in GDP for two or more consecutive quarters
>Data: http://www.reuters.com/article/2011/07/29/us-usa-economy-idUSTRE7662I420110729
>2nd Quarter 2011
>Initial - 1.3
>
>1st Quarter 2011
>Initial - 1.9
>1st revision - 0.4
>
>4th Quarter 2010
>Initial - 3.2
>1st revision - 3.1
>2nd revision - 2.3
>
>I believe the next revision to 1st quarter GDP will show a contraction and that 2nd quarter is overstated. Anecdotally, I'm not seeing an interest in commercial real estate which accompanies private sector growth. In addition, local and state governments are cutting back staff and thus space in droves. Residental real estate prices are mired and the renters are booming.
>
>Here's more:
>http://www.cnbc.com/id/43941459
>Consumer spending, which accounts for about 70 percent of U.S. economic activity, decelerated sharply to a 0.1 percent rate -- the weakest since the recession ended two years ago.
>
>Spending grew at a 2.1 percent pace in the first quarter.
>...
>U.S. civilian employment costs surged a steeper-than-expected 0.7 percent in the second quarter, the biggest gain since September 2008, on a jump in benefits costs, Labor Department data showed on Friday.
>
>
>Note: It's not all bad news, there are some positives as well including a rise in home building and a moderation of inflation pressures.
>
>Thoughts?