Posted on 06/25/2014 5:47:58 AM PDT by kristinn
The U.S. economy contracted at a much steeper pace than previously estimated in the first quarter, but there are indications that growth has since rebounded strongly.
The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent pace it had reported last month.
While the economy's woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggest other factors at play beyond the weather. Growth has now been revised down by a total of 3.0 percentage points since the government's first estimate was published in April, which had the economy expanding at a 0.1 percent rate.
The difference between the second and third estimates was the largest on records going back to 1976, the Commerce Department said.
Economists had expected growth to be revised to show it contracting at a 1.7 percent rate. Sharp revisions to GDP numbers are not unusual as the government does not have complete data when it makes its initial and preliminary estimates.
(Excerpt) Read more at foxbusiness.com ...
Even the left should wake up, one day, maybe. Have to believe most of the left is going on skin color alone to support the one doing the most damage. The left is certainly not listening to Martin Luther King Jr.
Riiiiiiiight.
That's just not accurate.
That's not exactly true. There are two economies. The elite....globalists and those who are part of their manipulation of the masses have never been better off. Public employees with just an ounce of sense of budgeting are well off and secure. There will always be those who have necessary skills and will thrive.
It's the other 75% or so of the population that's hurting. The gap is getting worse. It feels like the rest of us are a cash crop for the elite, given no more money than we'll spend, with the elite profiting every time the bottom 75% spend their limited resources.
The best way to turn the tide would be local spending, manufacturing, and small business/individual commerce.
Houses > $1M are selling.....the lower market has been declining.
That is what I fear! Green “shots” around the corner.
Well, is the housing selling for what it was supposedly worth a few years back and are the jobs worth a bucket of warm spit?
That’s a huge UNEXPECTED decline...........................
Odungacare
“It was in this revision contributed -1.3%”
What until the vast majority of folks with Health Ins through their employer get hit with the bill this fall. 1st qtr. 2015 should be a doozy
Recovery Summer 6.0...................
When a recession is declared over but in reality it continues at an even faster pace is it really over?
When war is waged on a country primary targets are energy production and industries. The democrats and the EPA have been attacking US energy production and industries for over 20 years. They are saboteurs.
10 oz now in a lot of brands...............
If you choose not to believe the jobs numbers then I can't help you understand what is going on in the economy. If you think we are headed into another recession then i suggest you sell all your equities.
While the economy's woes have been largely blamed on an unusually cold winter....
Curse that darn global warming!
You have to understand the new ways. There is no inflation because if Porterhouse steak becomes too expensive you can always switch to chicken feet. Likewise if gasoline for your suv is too expensive just buy some cheap sneakers and hoof it. See, you can actually LOWER your cost of living. Just get into the swing of things, if you like French Silk pie but cannot afford it switch to cowpies. I’ll bet you can think of a lot of other ways to WHIP INFLATION NOW.
See my post #46 to understand why the housing market is “up”.
Hint: it’s not
It’s always “unexpected.” They really have no clue.
Looks like 0bama’s policies are producing the result he desires.
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