Posted on 06/25/2010 11:47:52 AM PDT by prairiebreeze
The economy didn’t grow as much as the Obama administration first claimed in the initial quarter of 2010, the Commerce Department reported today. The Q1 GDP was first announced at an annualized growth rate of 3.2%, down from the previous 5.7% in 2009Q4. Later, the number got revised downward to 3.0%. Today marks the third revision in the Q1 GDP growth rate, and the third reduction, this time to 2.7%:
The U.S. economy grew at a 2.7 percent annual rate in the first quarter, less than previously calculated, reflecting a smaller gain in consumer spending and a bigger trade gap.
The revised increase in gross domestic product was smaller than the median forecast of economists surveyed by Bloomberg News and compares with a 3 percent estimate issued last month, figures from the Commerce Department showed today in Washington. Corporate profits climbed more than previously projected.
The revised figures showed an economy that was more dependent on inventory restocking and less driven by demand from consumers and businesses before the European debt crisis intensified. Unemployment, combined with the turmoil in financial markets and a lack of inflation, are among reasons Federal Reserve policy makers this week reiterated a pledge to keep interest rates low.
(Excerpt) Read more at hotair.com ...
Wonder what they’ll do when the second dip hits?
I’m beginning to think these guys are cooking the books!
And it’s also well below 0bama’s rosy projections necessary to sustain his massive deficit, and not make them even more massive.
They’ll pee down our necks and tell us it’s raining.
I’m beginning to think these guys are cooking the books!
You got it. Just like the unemployment figures. And 0bama poll #’s.
Unexpectedly, of course.
Cooking? Hell, they’re BARBECUING THEM!.................
Look at the bright side.
A recession is officially defined as two consecutive quarters of negative GDP growth.
Looks like we’re officially out of the recession, we’re back up to positive territory ( assuming their numbers are correct ).
Another “surprising” or “unexpected” economic statistic that comes in below Omama’s rosy predictions on our recovery. Remember in November!
How unexpected...I’m starting to think they are padding the numbers....Nah, Der Leader would never do such a thing!
Any less and we’ll be Europe.
Of course, that’s not surprising considering we are adopting European socialism.
What the GDP dropped????!?!?! It is ok though because we are still showing ecominic improvement according to Obama, you know the Annointed One “measures (economic) progress by a different pulse”...
UNEXPECTED!
UNEXPECTED!
UNEXPECTED!
UNEXPECTED!
UNEXPECTED!
UNEXPECTED!
UNEXPECTED!
UNEXPECTED!
UNEXPECTED!
“I’m beginning to think these guys are cooking the books!”
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LOL! Yeah, I’m even beginning to suspect that water may be wet;0)
Cook the books, yeah...like unemployment is REALLY below 10%.
Hope for Spare Change
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