Posted on 07/31/2013 5:57:57 AM PDT by Mad Dawgg
WASHINGTON (AP) -- The U.S. economy grew from April through June at a seasonally adjusted annual rate of 1.7 percent, as businesses spent more and the federal government cut less.
(Excerpt) Read more at hosted.ap.org ...
"Bull" and "S**T"
AP puts lipstick on a pig.
Wait for it...
Wait for it...
Wait for it...
DOWN... to 1.1%
Minitrue is working overtime!
1.7% annual “bu!!$hit”
The inflation rate is somewhere around 10-15%!
Corrupt insidious tyranny! Wake up froggie, you’re boiling!
How much again are they understating inflation in those statistics?
And how much growth is required just to keep pace with our growing population?
how unexpected...
So 1Q was revised from 1.8 to 1.1.
And we are supposed to have any confidence in the 2Q number?
Or is this like the weekly unemployment - the revised is always worse than initial and then that makes new announcement that much ‘better’ even though is purely an apples and oranges headline?
So 1.7 is greatly improved and has momentum? Is that the headline? Um, no. It should not be it. It should be 1.7 as compared to 1.8 (both initial reports). The ‘revised’ will likely be around 1.0 with the track record. Of course then a 1.5 in 3Q will still read as a positive.
The manipulation of headlines is getting so, so tiresome.
The entire GDP model/calculation was revised back to 1929. The comparison between the 1.8% and 1.1% is apples and oranges.
Now ANY growth is hailed as proof that the Messiah's economic prowess is greater than any President in history, and that the "recovery" is in full swing.
From the BEA release:
Comprehensive Revision of the National Income and Product Accounts
The estimates released today reflect the results of the 14th comprehensive (or benchmark) revision of the national income and product accounts (NIPAs) in conjunction with the second quarter 2013 “advance” estimate. More information on the revision is available on BEA’s Web site at www.bea.gov/gdp-revisions.
Qtr 1 GDP Growth:
2.4% - Initial estimate
1.8% - First Revision
1.1% - Second Revision
Qtr 2 GDP Growth:
1.7% - Initial Estimate
The initial estimates are just phony numbers made up to generate headlines. 1.7% is bad in any way you look at it, and far below the 3% growth needed to drive hiring and really reduce unemployment.
They had to revise it down, otherwise this last quarter would be lower than the first quarter and we’d be half way to an official recession.
Oh what the hell, they can make up better numbers than this. Why not tell us the economy grew one billion percent? I mean, if you’re going to lie, make it worth while.
Impeachment File on Benghazi Coward “B. Hussein Obama,” formerly known as Barry Soetoro, currently a Legal Citizen of the Sovereign Nation of Indonesia.
Summer of Recovery V5.0 (tm)
With growth like this, we’ll be back to full employment in 2027!
******
Absolutely right! The economic ledgerdemain of this administration knows no bounds. They will continue to distort and "revise" the basis for any problematic numbers that show the economy in a bad light.
Their greatest fear is a slide back into recesssion before the next election. They will never let that happen and will cook the numbers anyway they can to avoid the perception that things are going downhill.
This deceitful manipulation has become pervasive and systemic. But the eocnomy is so weak that even with this blatent maniplation, the numbers are STILL BAD!
HOWEVER, GDP(1) was revised from +1.8% down to +1.1%.
*******
That’s a downward revision of nearly 40%. If a similar revision occurs with Q2 it will be revised down to just 1% growth — even after redefining how the GDP is calculated (i.e., using a more generous method).
A clear and excellent post. Great summary.
Regards.
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