Posted on 05/05/2015 7:22:27 AM PDT by SeekAndFind
It turns out the US economy may have contracted in the first quarter.
Last week, we learned that gross domestic product grew by just 0.2% in the first quarter, far below the 1% economists had expected.
Then on Tuesday, the Commerce Department reported that the trade deficit in March exploded to a six-year high, $51.4 billion.
The surge in the deficit — the gap between imports and exports — has been largely blamed on the nine-month slowdown at West Coast ports, which has been resolved.
The slowdown and strike over a labor dispute limited the flow of goods through some of America's biggest ports. And that could have put more downward pressure on growth in the first quarter, according to economists.
In a note after the release, BNP Paribas economist Laura Rosner wrote: "We calculate that today's report, if taken at face value without considering any offset from inventories, implies a 0.6pp downward revision to first-quarter growth, leaving our tracking estimate at -0.4% q/q saar (BEA's initial estimate was +0.2% q/q saar)."
(Excerpt) Read more at businessinsider.com ...
Can you say Recession?
Pray America is waking
RE: Can you say Recession?
The official definition of a recession is two consecutive quarters of negative GDP growth. We shall see....
No, no!
We were assured that everything was rosy and sunshine, full recovery, best economy in years, etc etc.
They wouldn’t lie to us, would they?
/ yes, I know they would. And then some.
Shrinking economy with the Obama communist piling on 18 trillion dollars of debt on us and still that's not enough money to get any production going in the USA
We are headed into a depression
I rather knew this to be the case.
When they do everything they can to fudge the numbers and still come up with a sub-1 growth rate,
you know it’s negative.
In practice, the definition seems to be “Recession is the economy under any “R” labeled politician, and economic growth and prosperity is the economy under and “D” labeled politician no matter what.”
That will be redefined so fast your head will spin.
Can you say liberal recession?
The democrat version of trickle down economics....so where exactly did all that $18T in debt go? Get your shovel ready.
The shovel ready jobs were really supposed to be a result of Obiecare (death panels)...
This is no recession. We are in a depression that will last 15-17 years. We aren’t halfway through it yet. Crunching massaged numbers to determine tenths of a point in growth differences is meaningless.
This depression was decades in the making and it will run it’s course. The FED/govt is acting like a man trying to turn a bull running through a pasture. You can make it lean one way or the other as it passes, but it will pass and there’s no stopping or turning it.
“The official definition of a recession is two consecutive quarters of negative GDP growth. We shall see....”
Wrong! The media definition is two consecutive quarters with a republican in the white house regardless of what the economy is doing
But, but I was reading in Macleans magazine (up here in Canuckistan) about Obama’s resurgence and economic recovery and Stephen Harper having the worst economic record for a prime minister since the end of World War II.
The official definition of a recession is two consecutive quarters of negative GDP growth.
If you subtract Government Deficit Spending you will find 30 YEARS worth of Negative Growth, NOT ONE SINGLE QUARTER IS POSITIVE all the way to 1986
actually, i believe the full version of the appropriate expression is:
“unexpected, drink!”
:-)
Heading? We have been in a sustained depression for the better part of a decade.We have 100 million working age adults NOT in the work force. We have close to fifty million on food stamps, the modern soup kitchen. We have anemic and stuttering growth. The only growth is intermittent and very low.
If there was a Republican or even a white Democrat as President we would hear nonstop about the horrors of the economy. With the Obama it is all sweetness and light.
Relax, would ya. It’s not like we have to pay it back or anything. /sarc
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