Okay, maybe not crashing the economy, but the My Little Pony-loving subculture does catch a little flack in this article from American Public Radio. Disinfonaut “Anarchy Pony”, why must you anger The Economy? ScapePonies!
New numbers out Thursday show America’s third quarter gross domestic product rose 2.8 percent, well above what economists predicted. The headline number may sound good at first, but it masks signs of ongoing economic weakness deeper in the report.
A bit of digging shows that 0.83 percentage point of the GDP boost came from the change in real private inventories. It may sound like an obscure technicality, but it is not. It’s actually quite simple and simply bad.
“Stores were accumulating a lot of goods to sell, but people weren’t buying them,” says Julia Coronado, chief North American economist at BNP Paribas.
You can see this at Big Fun Toy Store, a Cleveland shop specializing in collectibles. Owner Steve Presser says unexpectedly low third quarter numbers had him feeling as blue as the many Smurf toys lining his shelves.
“What we try to do, of course, is sell through our inventory,” Presser explains. “But if we buy too much in any given month, in this case it was September, I was a little concerned because we were hoping to have a strong summer going into the fall in the final quarter.”
Presser sells My Little Ponies too, but not enough bronies are buying them, an alarming development as his store enters its critical time.