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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You mean the double plus ungood number.
Janet has a plan to cure that. The FED is going to rejigger how they compute the 1st Qtr GDP.
Revised formula:
Cold weather = add 2% annual growth to GDP.
We are surging!
Wow... the Bush recession was far worse than we thought!
It’s lasted 8 years!
They pulled money out of the economy, hid the real jobs numbers and forced 0% inflation.
This is what happens when Keynesians run the economy.
This is the culmination of a 50 year failed social engineering experiment that Friedman said as far back as 1968 that this would happen.
The economy is obviously a racist bigot.
11 Years average.
Can't. That would crash the economy practically overnight. We now have so much debt that we can`t even handle the slightest increase without going into recession.
The economy is obviously a racist bigot.
Obviously run by same.
It must be Friday.
Bad weather, global warming, white people, too few regulations, GW Bush and gremlins are the causes.
The Obamabots on CNBC, who always see q quarter of the glass as half full, were rejoicing that it wasn’t as bad as expected. Baghdad Bob would fit in well with that crowd of cockeyed optimists.
It was the riots, which were caused by police....who were partially white, which means they were likely Tea Party, which means it’s conservatives fault....and maybe Jesus too.
If a Republican happns to win in 2016, then Janet Yelin’s Federal Reserve will increase interest rates. The resulting economic train wreck can then be blamed on the Republicans for the next fifty years.
WOOT!
The Obama depression is at hand!
The biggest mistake this idiot made was getting re-elected. The lies were never going to work for a full 8 years. Now the truth is coming out and everyone will know Obama owns it.
Not really. Most economists nowadays tend to discount the January-March quarter due to the bad winters that affect the Upper Midwest and Northeast of the USA, where a large fraction of the population of the USA lives. I’d start asking serious questions if the April-June quarter comes out bad, though.
The lies were never going to work for a full 8 years.
Ministry of Plenty. You have to love that!
Here’s another: Department of Homeland Security.
Bwahahaha!
Wow. Didn’t see this at Yahoo news. /s
We only shrank by 0.7% in the first quarter? Let’s give Maobama a third term!
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