Economy Contracted 0.7% in First Quarter, Partly Due to Rising Imports

Cybercast News Service ^ | May 29, 2015 | 9:48 AM EDT | Ali Meyer

[Olog-hai]

Initial estimates of positive economic growth in the first quarter of 2015 have now turned negative.

The U.S. economy actually shrank in the first quarter of 2015 as real gross domestic product (GDP) declined at an annual rate of 0.7 percent, according to the Obama administration’s second look at the numbers.

The 0.7 percent decline in first-quarter real GDP was revised from the previously reported gain of 0.2 percent, which was the advance estimate put out at the end of April by the Commerce Department and the Bureau of Economic Analysis (BEA). Real GDP is adjusted for inflation and represents the value of the production of goods and services in the United States. …

[jpsb]

"The only reason the original estimate was positive is because they recently changed the formula."

Which is why just about all dot gov stats are worthless. Dot gov just keep changing the definition when it does not like the numbers. No one pays any attention to dot gov stats anymore.

[ChildOfThe60s]

45 years ago I made A’s in that subject. Never used it after that. Gone from my shrinking brain.

When I think of the math & statistics that I was fluent in (HS & college) that were never touched again and seem like Greek to me now, it’s a little depressing.