New adjusted GDP for August Depressingly Grim

AP has the latest ADJUSTED rates for August GDP and they are grim. The revision for the GDP is downward by a lot and durable goods, a real indicator of recession/depression since it shows a buildup of inventory leading to further layoffs, went down by over 13%.

The number of Americans seeking unemployment benefits plunged 26,000 last week to a seasonally adjusted 359,000, a hopeful sign for the job market. It's the lowest level of weekly applications in nine weeks. The Labor Department said Thursday that the four-week average, a less volatile measure, declined 4,500 to 374,000. That's the first drop in six weeks. Weekly unemployment applications are a measure of the pace of layoffs. When they consistently fall below 375,000, it typically indicates that hiring is strong enough to lower the unemployment rate. The weekly figures can be volatile, causing most economists to focus on the four-week average. Other recent data have shown that layoffs have fallen to the lowest level in a decade. But hiring hasn't picked up enough to quickly lower the unemployment rate. U.S. employers added only 96,000 jobs last month, below the 141,000 in July and much lower than the average 226,000 added in the first three months of the year. The unemployment rate dropped in August to 8.1 percent from 8.3 percent, but only because the number of people working or looking for work fell.

Please notice the words "plunged" and the "seasonably adjusted" number which can hide a multitude of BS ambiguities, fodder for the ginormous multi-tentacled lamestream media octopus. The 23 million who lost their jobs and aren't even looking after falling off the welfare rolls are ignored by the loathsome parasites in the press & electronic MSM monstrosities.