Wednesday, June 25, 2014 – 09:45 a.m.

Here’s some news flowing across the transom Wednesday, in case you missed it.

First-Quarter GDP goes in the tank

First-Quarter Gross Domestic Product (GDP), the output of all goods and services produced, contracted more than first reported.

The Commerce Department has slashed it’s previous estimate of -1.0% to a shocking -2.9%. It’s the largest downward revision since 1979.

The second quarter number will obviously improve. Interestingly, the bad number has been mostly blamed on bad weather.

Consumer spending revised downward

Consumer spending in May rose just 1.0%, according to the Commerce Department.

The number was previsouly reported as being up 3.1%.

Consumer spending accounts for two-thirds of economic activity.

Orders for Durable Goods drop

Orders for durabe goods dropped 1.0% in May, according to a second report by the Commerce Department.

Durable Goods are products manufactured to last more than three years.

Shiller concerned about stock market

Robert Shiller, Yale professor and Nobel prize winnner, is sounding concern about the high-flying stock market.

Simply put. Equities have been climbing, unabated, and may have moved way ahead of themselves.

According to Shiller, the market is hitting levels not seen in years, and his indicators are mirroring adjusted price-to-earnings levels that have previously pre-saged steep declines.

The only time the indicator has been higher is in 1929, 2000 and 2007.