Obamanomics, Year 3.5: It Just Gets Worse!

“President Obama is willing to say and do anything to distract voters from his failed economic record. But with more and more evidence pointing to another economic slowdown, President Obama can’t simply tell Americans that the economy is ‘doing fine.’ On Day One, Mitt Romney will implement pro-growth policies that will jumpstart our economy and get middle-class Americans back to work.” – Amanda Henneberg, Romney Campaign Spokesperson

Mounting Economic Evidence “Points To Another Slowdown” In The Obama Economy:

“All Evidence Points To Another Slowdown In The U.S. Economy And The Government Is Expected To Make It Official On Friday.” “All evidence points to another slowdown in the U.S. economy and the government is expected to make it official on Friday. The key economic report of the week, gross domestic product, is likely to show growth fizzled in the second quarter. The U.S. probably grew at a tepid 1.3%, down from 1.9% in the first quarter and 3.0% in the last three months of 2011, Economists surveyed by MarketWatch estimate.” (Jeffry Bartash, “U.S. Economy Moving Sideways Again,” MarketWatch, 7/22/12)

• Economists Have Downgraded Their Estimates For Economic Growth Through June. “Economists are downgrading their estimates of economic growth in the April-June quarter. When the government releases its first estimate on Friday, many think it won't even match the first quarter's sluggish 1.9 percent annual pace.” (Paul Wiseman, “Global Economy In Worst Shape Since 2009,” The Associated Press, 7/22/12)

Earnings Estimated For The Third And Fourth Quarters “Have Been Dropped To Levels Not Seen Since The Days Of The 2008 Financial Crisis.” “While this quarter's earnings reports have crossed a substantially lowered profit bar, future expectations through the year indicate a recession could be on the way. Estimates for the third and fourth quarters have been dropped to levels not seen since the days of the 2008 financial crisis, below even the muted 2 percent expected level of inflation.” (Jeff Cox, “Earnings Show Recession May Be 'Fast Approaching',”CNBC, 7/22/12)

• “That's An Ominous Recession Sign For An Economy That Has Barely Managed To Attain Positive Growth This Year…” “That's an ominous recession sign for an economy that has barely managed to attain positive growth this year even with the strong level of earnings beats, according to an analysis by Nicholas Colas, chief market strategist at ConvergEx in New York.” (Jeff Cox, “Earnings Show Recession May Be 'Fast Approaching',” CNBC, 7/22/12)

“Consumer Confidence Has Fallen Four Straight Months In The Face Of Scant Hiring And Weak Economic Growth.” (Paul Wiseman, “Global Economy In Worst Shape Since 2009,” The Associated Press, 7/22/12)

“Three Years After The Great Recession Officially Ended, The American Economy Can't Maintain Momentum.” “The United States, by far the world's biggest economy, has long pulled the global economy out of slumps. Now it needs help. Three years after the Great Recession officially ended, the American economy can't maintain momentum.” (Paul Wiseman, “Global Economy In Worst Shape Since 2009,” The Associated Press, 7/22/12)

More Than Half Of Voters Say President Obama Has “Taken The Wrong Actions And Has Slowed The Economy Down.” “The poll, conducted for The Hill by Pulse Opinion Research, found 53 percent of voters say Obama has taken the wrong actions and has slowed the economy down.” (Sheldon Alberts, “The Hill Poll: Majority Of Voters Blame President For Bad Economy,” The Hill, 7/23/12)

And Poverty Is Already At Rates “Unseen In Nearly Half A Century” And Joblessness Is Increasing Across The Country:

“The Ranks Of America's Poor Are On Track To Climb To Levels Unseen In Nearly Half A Century…” “The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net.” (Hope Yen, “US Poverty On Track To Rise To Highest Since 1960s,” The Associated Press, 7/22/12)

• “Poverty Is Spreading At Record Levels” Across The Country. “Poverty is spreading at record levels across many groups, from underemployed workers and suburban families to the poorest poor. More discouraged workers are giving up on the job market, leaving them vulnerable as unemployment aid begins to run out. Suburbs are seeing increases in poverty, including in such political battlegrounds as Colorado, Florida and Nevada, where voters are coping with a new norm of living hand to mouth.” (Hope Yen, “US Poverty On Track To Rise To Highest Since 1960s,” The Associated Press, 7/22/12)

“The Jobless Rate Rose In More Than Half The States…” “The national unemployment rate stood at 8.2% in June, the same as the prior month, the Labor Department said earlier this month. Friday, the agency released further details showing that the jobless rate rose in more than half the states, dropped in 11 states and Washington, D.C., and held steady in a dozen states.” (Josh Mitchell, “State Data Highlight Limp Job Market,” The Wall Street Journal, 7/20/12)

In June, Unemployment Increased In “Six Of 10 Battleground States.” “Unemployment rose in June in six of 10 battleground states that could play a pivotal role in the presidential election, reflecting job cuts in some cases and weak payroll growth in others." (Josh Mitchell, “Unemployment Rises In Six Of 10 Battleground States,” The Wall Street Journal, 6/20/12)

“In June, 22 Of 30 U.S. Economic-Data Reports Also Missed Forecasts…” “Economic forecasts are coming down all over Wall Street: Goldman Sachs and Deutsche Bank both cut forecasts of second-quarter growth to just over 1%. Companies from chipmaker Intel to Morgan Stanley have missed or lowered earnings forecasts — 99 companies in the Standard & Poor's 500 lowered second-quarter projections. In June, 22 of 30 U.S. economic-data reports also missed forecasts, Merrill said.” (Tim Mullaney and Paul Davidson, “Fragile Economic Recovery Shows Growing Cracks,” USA Today, 7/21/12)

Hiring Remained “Tepid” While Manufacturing Weakened In Most Regions And Retail Sales Fell For The Third Straight Month. “On Wednesday, a survey by the Fed said hiring was ‘tepid’ in most of its districts in June and early July. And manufacturing weakened in most regions. Retail sales fell in June for the third straight month, the government said this week. That led many economists to downgrade their estimates for growth in the April-June quarter. Many think it will be even slower than the first quarter's scant 1.9 percent annual pace.” (Christopher Rugaber, “Unemployment Rates Rose In 27 US States In June” The Associated Press, 7/20/12)