Skip to comments.US ECONOMY SHRANK AT 0.7 PERCENT RATE IN FIRST QUARTER
Posted on 05/29/2015 5:47:11 AM PDT by tellw
WASHINGTON (AP) -- The U.S. economy went into reverse in the first three months of this year as a severe winter and a widening trade deficit took a harsher toll than initially estimated. The Commerce Department says the overall economy as measured by the gross domestic product contracted at an annual rate of 0.7 percent in the January-March period. The revised figure, even weaker than the government's initial estimate of a 0.2 percent growth rate, reflects a bigger trade gap and slower consumer spending. It marked the first decline since a 2.1 percent contraction in the first three months of 2014, a slump that was also blamed on winter weather. Economists expect a rebound in the current quarter to growth of around 2 percent and expect the economy to strengthen later this year.
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Yes. Yes. Yes. Winter, you know. It was cold.
I wonder if negative growth will still be unexpected when there’s a GOP president in the White House?
The Obama recovery marches on.
Green Shoots will appear soon. /sarc
If there was an American President, the MSM
would hold him accountable ... unlike
the Indonesian cryptoIslamic impostor who is tied
to the MSM through $, families, and taxpayoffs.
Summer of recovery my azz.
The obvious solution here is to keep doing the same thing; offshore all manufacturing to the Communist Third World, import goods back duty free and sell it at first world prices. With the additional profit going to the corporations stockholder dividends. < /SARC >
But it’s all good, just wait and see the NEXT quarter before you start to worry.
(and we revise this one down a little further in a few weeks on a Friday afternoon...)
Winter weather?? But...I thought they told us warmest EVER?
“Yes. Yes. Yes. Winter, you know. It was cold”
Damn Libertards were right about climate change. It was never cold during the winter prior to 2014.
My recollection is that the original figures were $6 billion growth with $123 billion growth in inventories. IOW something like negative 2.6% growth when inventories were taken out of the equation.
So with the revisions this is now what? Something like negative $20 billion growth? Which, removing inventory growth works out to negative 3.3%?
Is this the real number, the revised number, the seasonally adjusted number, the fixed number or the double adjusted number.
Paging George Costanza!
To be revised DOWN at a later time (just like all the other reports).
“as a severe winter”
wasn’t that the excuse last year also?
“slower consumer spending.”
Been to any restaurants lately? The grocery store? Shopping anywhere besides Wally World? My effective income is circling around the toilet bowl, to the point where I suspect I’m supporting about half as many of the non-productive as before.
We're in a Liquidity Trap
I guess all those folks sitting home on snow days didn’t bother to turn on their computers and shop from home.
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