Posted on 08/30/2023 8:20:35 AM PDT by Kaiser8408a
Bidenomics has a new themesong! We got trouble in Potomac City (aka, Washington DC). US Q2 GDP was revised sharply downwards to 2.1% QoQ. Much lower than the expected 2.4% QoQ.
Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023, according to the “second” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent.
The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 2.4 percent (refer to “Updates to GDP”). The updated estimates primarily reflected downward revisions to private inventory investment and nonresidential fixed investment that were partly offset by an upward revision to state and local government spending.
The increase in real GDP reflected increases in consumer spending, nonresidential fixed investment, state and local government spending, and federal government spending that were partly offset by decreases in exports, residential fixed investment, and private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased.
The revision according to the BEA, “reflected a smaller decrease in inventory investment and an acceleration in business investment. These movements were partly offset by a downturn in exports and decelerations in consumer spending and federal government spending. Imports turned down.” In short, everything was uglier,
(Excerpt) Read more at confoundedinterest.net ...
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Hmmm, the revisions always seem to be downward.
The illegitimate poser in the WH is taking us down for the NWO fags in Davos.
They think most Americans pay attention to their fake numbers instead of the cost of gas and food.
The worst thing about commies is they’re so fking stupid and we’re losing to them.
What people dont realize is government spending is part of the aggregate GDP. I bet now accounts for >40%. Thus taking that factor out, private GDP is flat or receding
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