The recessionistas are now forced to look to the third quarter as the earliest start date for an economic downturn in the US. The odds have been low recently that Q2 would mark the beginning of an NBER-defined contraction and yesterday’s stronger-than-expected rise in output for the April-through-June period seals the deal.

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* Big-tech rally at risk if US economy cools, predicts Bank of America analyst
* US credit card delinquency rates rise to 12-year high
* Durable goods orders for US post surprisingly large decline in June
* Apple falls out of top-5 smartphone vendors in China
* US jobless claims fell last week, holding in relatively low range
* US economic growth rises more than expected in Q2:

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