CNBC host Rick Santelli reacted with shock to new Gross Domestic Product (GDP) numbers released Thursday.
“Oh, my gosh,” Santelli said. “Not only was I wrong, down nine-tenths of 1% on first look at second quarter GDP – down nine-tenths of 1%. OK, I know there’s an organization that decides whether we’re in a recession or not, but investors are not going to wait. Two back-to-back negative quarters, it’s not good, call it whatever you want.” (RELATED: US Economy Posts Second Consecutive Quarter Of Negative Growth)
The Bureau of Economic Analysis released the GDP figure Thursday. Santelli had predicted an increase of 0.6% seconds prior to the numbers coming out, while a survey of analysts by Bloomberg News predicted an increase of 0.4%.
“You look at the price index, also not very good news,” Santelli said. “Eight-point-seven percent. Eight-point-seven percent on the price index. That will still comp back to 1981 because in 1981, our comp goes all the way up to 11%.”
“We continue to see the deterioration in stocks and I know there’s going to be a huge debate as to what this GDP means,” Santelli said. “I really … got blindsided by the inventory levels. If it wasn’t for those yesterday, I’d have predicted a negative number.”
The White House referred the Daily Caller News Foundation to a statement President Joe Biden issued Thursday, saying the country is “on the right path” and will “come through this transition stronger and more secure.”
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