Will The FED Provide False GDP Data????
This out from Hertz this evening;
Analysts surveyed by FactSet Research estimated a quarterly profit of 3 cents a share. Revenue fell to $1.75 billion from $2.28 billion last year. Hertz forecast revenue of $6.7 billion to $7 billion for the year, compared with analyst estimates of $7.16 billion.
We know Airline, Hotel, and Auto Rental Revenues are down about 20% year over year.
We know New Home Construction is down 80% from peak.
We know Auto Sales are down about 50%.
We know Microsoft, Intel and Dell revenues are down collectively about 20%....other tech companies more.
U.S. Steel revenues down over 50%....Same with Paccar and Catepiller down over 40%.
We know retail sales are down about 10% year over year.
We know exports are down over 25% year over year.
We know tax receipts are now down over 20% with conditions deteriorating in April and May.
We know about 50% of Architects are unemployed.
We know Law Firms across the nation are shrinking or shutting down.
We know commercial contstruction is coming to a grinding halt.
We know lending is contracting.
We know State and Local governments are cutting way back......
We know We know We know................................
You think the Fed is going to report GDP is down only 1 or 2% on Friday??????