Breaking News: Economy Grows by 2.7 Percent in First Quarter, Slower Than Previously Estimated

foxnews ^ | 25 June 2010 | foxnews

[TSgt]

Breaking News: Economy Grows by 2.7 Percent in First Quarter, Slower Than Previously Estimated

[TSgt]

[neodad]

Shocked....

[Lou L]

More unexpected, unplanned economic data.

[tje]

Just another ‘unexpected’ hiccup in the recovery. Nothing to see here, move on, move on...

[TSgt]

http://www.marketwatch.com/story/us-q1-gdp-revised-lower-to-27-increase-2010-06-25?reflink=MW_news_stmp
U.S. real gross domestic product for the first quarter was revised down to an increase of 2.7% annualized from the earlier estimate of a 3.0% rise, the Commerce Department said Friday. Economists surveyed by MarketWatch expected first-quarter growth to be unrevised at up 3.0%. The revision to first-quarter GDP was largely due to weaker consumer spending and a widening trade deficit. A key measure of inflation was revised slightly higher but remained subdued. Core prices increased 0.7% in the first quarter, up from 0.6% reported earlier. Corporate profits increased a revised 8.0% quarter-to-quarter, compared with a 5.5% rise previously estimated.

[TSgt]

WASHINGTON — The government lowered its estimate of how much the economy grew in the first quarter of the year, noting that consumers spent less than it previously thought.

The Commerce Department says that gross domestic product rose by 2.7 percent in the January-to-March period, less than the 3 percent estimate for the quarter that the government released last month. It was also much slower than the 5.6 percent pace in the previous quarter.

The department’s report is the third of three estimates it makes for each quarter’s GDP, the broadest measure of the nation’s economic output. The first quarter’s growth rate declined from earlier reports because consumers spent less than previously estimated, while the nation imported more goods from overseas.

[Red Badger]

Unexpected...............

[G Larry]

“Unexpectedly”.......

[The Sons of Liberty]

Another "unexpected" economic factor brought to you by the 0bamao marxist regime that can't find it's ass with both hands!

Yet they have the unmitigated gall to tell the G20 countries what they should be doing!

[bamahead]

[Oldeconomybuyer]

Green shoots.

[massmike]

[kezzek]

Nothing left of my unexpectedly disappearing IRA.

[central_va]

When the census ends then what? -2.0 %?

[Tax-chick]

Unexpected!

*drink*

[mikelets456]

“expectedly unexpected”

[Oceander]

Well color me surprised! (not)

Anybody here not see that coming? Isn't this becoming their standard tactic - they have the labor department release initial numbers that are clearly way too rosy, hype them to the hills, and then come slinking back in later on to surreptitiously lower the numbers back to where they should have been in the first place.

I guess they think the sheeple are still as easily fooled as they were in 2008 - let's make sure that isn't the case, and that they know which donkey to pin the tail of economic malaise onto.

[Erik Latranyi]

I am confident that the following paraphrases the thinking within this administration: “We will continue to have these ‘unexpected’ data points until the federal government can completely control the message and eliminate the biased and bankrupt news organizations that are owned by big corporate structures.”

[Oldeconomybuyer]

FNC: “The first quarter’s growth rate declined from earlier reports because consumers spent less than previously estimated.”