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SMLL - GDP Screams U.S. Recession Has Begun But 'Real GDP' Is Far More Terrifying
Direxion Daily Small Cap Bull 2X Shares
U.S. first-quarter GDP plunged profoundly negative, but real GDP would have crashed even harder if not for bogus BEA data revisions. According to the Bureau of Economic Analysis ((BEA)), the U.S. economy contracted 4.8% annually in the March quarter.
Stocks soared on the news for two apparent reasons. First, many media outlets immediately reported the number as +4.8% GDP growth, which they later reversed. The market paid attention to the false-positive print but ignored the later contrary truth.