Posted on 06/25/2014 6:14:15 AM PDT by PJ-Comix
The latest data shows the U.S. economy contracted significantly more than previously estimate in the first quarter of this year.
On Wednesday, the Bureau of Economic Analysis released its third and final estimate of real gross domestic product for the first three months of 2014. The release showed output in the U.S. declining at an annual rate of 2.9%. This is relative to fourth quarter 2013, when real GDP grew 2.6%.
The final number is also down from BEA’s negative 1% second estimate released last month, and even more sharply from its first estimate that showed GDP growing 0.1%. While this makes Q1 was the economy’s worst quarter in three year, economists were anticipating a further downward revision.
(Excerpt) Read more at forbes.com ...
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In related news, in 2013 America imported 440 billion dollars worth of goods from China.
In the same year, China only imported 122 billion dollars worth of goods from America.
Just saying.
Is it still “unexpected”?
Not exactly a ringing endorsement of Obamanomics, isn’t it?
But before we all freak out remember this is January-March and we already nearly done with June.
And what if this is a fudged number to make the 2nd quarter look great going into the midterms?
Want to bet it is a positive number?
The U.S. economy does not bounce around like this. The numbers that the Obama Administration puts out are not believable by any intelligent person.
Don’t you know anything about economics? It dropped sharply because it snowed and stuff. It has never snowed in the winter before.
Part of neutering America on the world stage (because we deserve it)
is destroying the economic engine that fuels our power.
The real tragedy is that all the money Obama has printed in Quantitate Easing 1 - 4 has not been factored into the money supply; the magnitude of printing 1% of the money supply for 5 1/2 years to date is about (66%) of the original money supply. In post recession days (before the Wars), the economy via the Banks created about 1% with credit and loans, very managed; this was before the radical social engineering that now takes place in Banking industry via the Fed and government laws - if the market place were to be untethered from Government crony capitalism, the economy could actually produce about .5% on its own merit - if people could work the economy would be humming along about 4-5%.
If these are government number we are really in trouble. Each president has fudged the numbers and Barry has done more. I would expect at least a 5% error.
Wait until the Q2 numbers hit and there is no winter weather to blame it on. The state-run media will never blame ObamaCare striking family budgets with disaster or the unreported devastation of soaring prices for food, fuel and utilities that are killing Middle Class spending on anything else. Things are going from bad to worse in the terrible Obama economy.
It’s the weather, silly!
Too cold, too hot, the sun came out, it was cloudy, it gets dark at night, what ever!
Preliminary estimates were +0.1%. However, that was assuming a positive impact from Obamacare.
As we get clearer data, the growth figure grows more negative.
The dreaded R-word returns, recession. Obama truly is Jimmy Carter and Richard Nixon all rolled into one package.
So unless the economy improves by 3% this quarter we are already in a recession.
The next initial growth report will be 0.2%. It will later be adjusted to -2%.
So the question is, will the enemedia report this as a recession?
We are Racists! We assume he's black just because he has dark skin!
“Funemployment?”
Increased freedom from joblock?
Fewer concerns about savings and investment strategies?
More leisure time for hard-working American families?
The scary part is that if the government is reporting -2.9%, the real number has to be much worse.
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