Economic Growth Revised Lower for 3rd Quarter (OBAMANOMICS IS A DISASTER)

WALL STREET JOURNAL ^ | 12.22.11 | By LUCA DI LEO And JEFFREY SPARSHOTT

[LibLieSlayer]

When they reported the original numbers I didn't even have to say it... everyone around me said it before I could... and they UNEXPECTEDLY revised it downward.

I actually remember a time that I trusted my government without question. Once upon a time America's government had dignity and morality.

LLS

[ilgipper]

What was the original number? It is down to a lackluster 1.8%, but my brain is so overrun with economic numbers these days, I cannot recall what they initially announced.

[LibLieSlayer]

Downward as in a spiral fall into hell.

LLS

[Recovering_Democrat]

I agree the numbers may become inflated to boost Hussein’s election effort. But in the real world he won’t succeed. He is abandoning white voters and destroying the middle class of all demographic groups. His main appeals now are to the fringe: extremely rich or poor, extremely uneducated or academia.

I think Hussein and his cult have an uphill battle.

[Jim from C-Town]

False growth rates based on false rates of inflation.

Remember they do not include the cost of fuel or food in inflation rates. Both have generally doubled during this administration. Include the true rate of inflation and we are still at a growth rate of -2% or greater.

Lies, Damn Lies and Obama’s!

[central_va]

This was unexpected.

[headstamp 2]

Should be good for another 500 point rise in the Dow.

[central_va]

You are being to optimistic. Subtract the $1.5T Fed deficit spending which goes into GDP, GDP is at NEG 10% at least!

[Cato in PA]

Romney isn’t a band-aid; he’s salt to rub in an open wound.

Will we trust an open socialist to repeal socialized medicine?

Will we nominate him to stand up to the degenerates who are ruining our society when he’s too scared to call Barack Obama a socialist or admit that Social Security is a Ponzi Scheme?

Will we give him our support when he wrote in the 90s that he would be a better advocate for liberal causes than Democrats? Will we make the enemy within the champion of our cause?

Not me! No Romney, now or ever!

[PMAS]

*

[bgill]

Notice how every estimate is over the top inaccurate to the benefit of the administration and has to be revised down (with subsequent announcements which are given little press attention).

Bingo! The big announcement on CNNABCCBSMSNBC goes all out to say the economy has turned around, Obama is great, housing is up, it's a wonderful day but when the figures are "revised" they put put a blurb on page 27 if it's mentioned at all.

[LibLieSlayer]

I think that it was 2.5%.

[FourPeas]

NOTHING is said about temporary holiday hiring

Exactly. It appears the blip that we should see for Christmas hiring is virtually nonexistent. The figures at the beginning of next year will be brutal unless the regime decides to change how they do the calculations (again).

[ilgipper]

I think that it was 2.5%.

Thanks. That was what I thought, too, but I couldn't see the whole WSJ article and didn't see it in a quick search. They are definitely in full reelection mode in the bureau of numbers. The unemployment and this number are going to be fudged for the next 11 months to help reelect Dear Leader.

[MSF BU]

When was the last time these things were revised up?

[upchuck]

What was the original number?

Straight from the BEA website:

Revisions

The third estimate of the third-quarter increase in real GDP is 0.2 percentage point, or $6.2 billion, lower than the second estimate issued last month, primarily reflecting a downward revision to personal consumption expenditures that was partly offset by an upward revision to private inventory investment.

                                         Advance Estimate     Second Estimate    Third Estimate
                                               (Percent change from preceding quarter)

Real GDP...............................         2.5                 2.0                1.8
Current-dollar GDP.....................         5.0                 4.6                4.4
Gross domestic purchases price index...         2.0                 1.9                2.0

That's a very sneaky press release. They mention the numbers but don't mention the downward revision at all. You have to get way down into the technical minutia to find the above figures.

[DAC21]

NOTHING is said about temporary holiday hiring

“Exactly. It appears the blip that we should see for Christmas hiring is virtually nonexistent. The figures at the beginning of next year will be brutal unless the regime decides to change how they do the calculations (again)”

Not to mention that some Companies do have a heart, they bit the bullet on the layoffs until after the Holidays.

[gswilder]

Serious question - for previous administrations, were the numbers always “revised after the fact”? This admin always revises everything downward after the main news cycle. I am beginning to think it is their strategy. I don’t ever remember anything being revised “better” with this admin.

[listenhillary]

How much was private sector and how much was growth in government jobs?

I had never thought about it until I had read an article about it this year, but government payrolls are a ever increasing portion of the GDP.