Posted on 07/31/2009 5:38:36 AM PDT by Oldeconomybuyer
WASHINGTON -- The U.S. economy slumped in the spring but its decline was mild and much smaller than the contraction over the previous nine months, according to data that gave a powerful signal the recession has eased.
Gross domestic product fell at a seasonally adjusted 1.0% annual rate April through June, the Commerce Department said Friday in the first estimate of second-quarter GDP.
GDP acts as a scoreboard for the economy by measuring all goods and services produced. It fell 6.4% in the first quarter and 5.4% in the fourth quarter, at the pit of the recession.
(Excerpt) Read more at online.wsj.com ...
Watching CNBC right now. I haven’t seen so many idiots on at the same time. Only the guys at the floors are making sense. The rest, are they reporters or what?
And one of the idiots waiting for the Huffington Post, what an ass.
More revisions to prior numbers. What revisions will we see next quarter?
Dems will claim victory for “easing the recession” with their stimulus package.
I will then vomit on the spot.
When you have a running total on the decline, it only makes sense that the percent of decline lessens.
I think the cumulative is 12% down from a year ago.
That is the horrible number we need to “bear” in mind, not this ridiculous spin that tries to make a 1% (soon to be revised to closer to 2%) decline in GDP is somehow good news.
But hey, watch the markets rally like never before.
It’s all a scam at this point.
First the happy talk, then the revisions.
But what do you do, still no jobs.
That’s correct. We’re still in the most severe recession of post World War II. And many economists have shared concerns that we may not see signs of recovery until as late as 2011.
with all the money thrown at the economy in the last 9 months, we should be stabilizing. that’s no surprise. the biggest problem is how does this economy expand going forward with low consumer consumption, high taxation, additional regulation (20 page app for clunker car program for example)and astounding deficit/debt levels which will take capital out of the economy. that’s what the markets are going to start to try to figure out.
I’m no economist, but I predict far worse than a continued recession until 2011.
With the coming defaults on credit, the resets of Option-ARMs and ALT-As, the inflation, the continuing rise of unemployment (not just in th US), the consumption of energy that is way down, and plays against the dollar (to name but a few economic indicators) spell disaster in the next couple of years.
Lots of jobs that last 35 hours does not make an economy. And that is what is going on.
That’s a tortured analysis if ever I read one.
This never would have been reported this way under Pres. Bush. They would have said, “Economy Continues to Contract.”
Even the WSJ.
SHOW US THE MILLIONS OF JOBS YOU PROMISED!!!!!!
It appears to me that most of the “reduced reduction” in GDP is due to government spending which is temporary and transitory to sustained economic growth. One also has to wonder at how much this number will be revised in the future...
Not much hope in this report at all...
>but its decline was mild and much smaller than the contraction over the previous nine month
But of course...not as bad as it could have been thanks to Omuslim and democrat control of both houses.
Same old msm carrying the beer and water for the marxists that are destroying America.
Exactly....unless your world is defined by the Obama Financial Network, CNBC.
As Nixon once said - things are getting worse slower.
When I first scanned the headline, I thought it read “GOP” contraction. That is porobably true as well.
I can see the economy turning around next year just in time for the midterms. Obama and the Dems will claim the porkulus and the healthcare bill and other agenda items are the reason for, and they will blunt any GOP gains. As a matter of fact, the economy could very well be humming along one year from now if this trend continues.
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