Posted on 06/29/2022 9:05:01 AM PDT by Justa
The U.S. economy shrank at an annualized pace of 1.6% in the first quarter, reflecting a deeper contraction than previously reported.
The Bureau of Economic Analysis's third and final estimate of first-quarter GDP released Wednesday morning showed a 1.6% annualized drop in economic growth to start 2022, more than the 1.5% previously reported and which was expected by economists, according to estimates from Bloomberg.
Real gross domestic product (GDP) decreased at an annual rate of 1.6 percent in the first quarter of 2022, according to the Real gross domestic product (GDP) decreased at an annual rate of 1.6 percent in the first quarter of 2022, according to the "third" estimate released by the Bureau of Economic Analysis. goods, led by motor vehicles and parts.
The BEA's advance estimate for second-quarter GDP due out July 28 may show a different picture as record-high prices begin to weigh on U.S. consumers.
"The economy is slowly sliding in the direction of weakness as consumers are buying less to keep GDP afloat," FWDBONDS Chief Economist Christopher Rupkey said in a note.....
https://finance.yahoo.com/news/us-gdp-contracted-at-a-16-annualized-rate-in-q-1-revised-data-shows-123846851.html
(Excerpt) Read more at finance.yahoo.com ...
Contract. Back. Better.
When you are forced to pay so much more for gas, then you have to cut back elsewhere. People are not like the federal government who can just print more money.
Unexpected!!!!
Probably a lie to fudge second quarter numbers.
Imagine that. Gas and bread at $5.00 and consumption drops.
More than initially reported??? You don’t say.
They just need to get it to +.0000000000000001% to keep the myth of no recession going.
With President Trump the economy grew more than was initially reported. Under the Biden regime it contracts more than was initially reported.
I wonder if they use that accounting firm that was just fined $100 million for cheating on their ethics tests…
Farmer: “Stop sticking your head in the sand and thinking oh it’s going to be okay. It’s not going to fu*king be okay”.
Just wait for those $1 eggs!
So that means Q2 is going to be worse. Two quarters of contraction equals recession.
Unexpected
I have family overseas and they’ve asked me “is the US going to get a recession?” and i’ve told them WE ALREADY ARE IN A RECESSION.
“Weakness” describes Biden’s reign to date.
People are currently living on credit cards. Unlike the federal government they will eventually hit the limit. Then things get even worse
Remember this correction if they tell you that “the economy actually grew by 0.1% in the 2nd quarter”.
Very good. The Ultra-Commie crowd thinks a recession is like a recess at school; recess is good, right?
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