Posted on 06/25/2014 9:13:03 AM PDT by Hojczyk
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.
The latest revisions reflect a weaker pace of healthcare spending than previously assumed, which caused a downgrading of the consumer spending estimate. Trade was also a bigger drag on the economy than previously thought. The economy grew at a 2.6 percent pace in the final
(Excerpt) Read more at cnbc.com ...
We are being propped up by Hollow Words from known Liars.....
Not long now...
That’s unexpected. How could the economy shrink - again - just as the brilliant, job-creating law affectionately known as “ObamaCare” goes into effect?
No news here. The planned destruction of the American economy is right on track. Move along folks — don’t block the unemployment lines...
IT’S THE WEATHER! SUN SPOTS! BUSH! CLIMATE CHANGE! TEA PARTY ACTIVISTS! REPUBLICANS! ANTI-OBAMA RACISTS!
Did I miss anything?
The worst thing is when this house of cards comes down, the biggest Chamber of Commerce cronies will be well prepared and will get out beforehand due to insider trading with crapweasels like Thad Cochran and Mitch McConnell. Lord, I wish they would get crushed and end up destitute.
I hope we make it to 2016 with this combined freak show/doomsday machine in the White Hut.
It was the fault of a harsh winter, Bush, or... something.
Great snowmobiling, skiing, snowshoeing, etc.
Welcome to the Obama Depression.
Pray America wakes up
“a lack of a living wage for worrrrrkers”
...Koch brothers.
Or did they push the bad news into one quarter so it will be easier to show growth this quarter—and avoid an official recession?
The horrible thing is that this happens in spite of huge increases in domestic oil production masking an even worse economic situation.
I hope we make it to 2016 with this combined freak show/doomsday machine in the White Hut.
I will be out today buying ammo. It won’t be too long before the Gubment will be too broke to support the entitlements it gives out. When the checks don’t go out the streets will be far worse than present day Iraq.
Good idea. I’ll be stocking up this weekend as well.
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