The Lehmann Letter SM
July concluded on dismal notes.
Default talks in Washington are not resolved and the Commerce Department reported that second-quarter GDP grew at a puny 1.3%.
Today’s New York Times carried a good article on the slow recovery. It finds that weak household balance sheets have impeded the recovery:
http://www.nytimes.com/2011/07/29/business/economy/as-growth-slows-us-recovery-seems-to-repeat-a-pattern.html?_r=1&ref=todayspaper
We may avoid default in the coming days, but household balance sheets will require more time to repair.
© 2011 Michael B. Lehmann
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