Posted on 02/28/2013 6:59:50 AM PST by John W
It beats contraction, which was the result of the initial estimate a month ago, but not by much. The Commerce Department’s estimate of fourth-quarter economic growth improved to 0.1%, a rise of only two-tenths of a point, in the routine second iteration.
Bear in mind that Q4 was the Christmas season, and one would expect consumer spending to perk up. This is still an indicator that the economy remains moribund, and one would expect that the final estimate won’t change much from here. The only bright spots — real final sales and consumer spending — are still in the 10-watt range.
(Excerpt) Read more at hotair.com ...
I don't believe any GDP figures about this economy, since most are lies to create a positive outlook for this administration while sticking a knife in the back of the private sector.
Next week it will something different, who cares!
My, how the mighty have fallen. (And the Left LOVES it)
Heckuvajob Odumbo!
It will be “revised downward” when it is politically expedient to do so.
So, the initial "estimate" was a contraction; but, magically they were able to pull out a .1% increase. Really? And, I'm supposed to believe this number.
They had to have a positive number, because the last number was a contraction and two contractions in a row is the official definition of a recession. (BTW, I don't believe we ever got out of the last recession; but, that's just me.)
I don't think it will ever be "politically expedient" to do so. As I said in my response (#7), we had a contraction last time, and two contractions in a row is officially a recession. I don't think they want to go there.
.2% less would have certified the recession.
The economy is in a free-fall, not a single socialist in this Nation has the guts to tell the truth,less they become extinct in 2014!
This is a replacement of the -0.1% fourth quarter 2012 estimate. The third quarter 2012 had an official result of +3.1%.
One big problem is that the "real" GDP is calculated from the nominal GDP minus the inflation rate, and the official inflation rate seems to have absolutely no connection to reality of prices on the street.
The thing to take away from this is that the economy is flatlining. Last month was the “advance” estimate of Q4 GDP, this month is the “preliminary” estimate and next month is the “final” estimate of GDP which will probably come in at between +\- 0.5%. The last digit is not that statistically significant.
“They had to have a positive number, because the last number was a contraction and two contractions in a row is the official definition of a recession. (BTW, I don’t believe we ever got out of the last recession; but, that’s just me.) “
BINGO!!!
Went to the grocery store last night in our local strip mall around 8 p.m. Usually a pretty bustling place, even during mid-week. I was the only one in the grocery store plus one check-out person and two stockers. Two cars parked in front of Kohl’s, ten or so at the Target store. Ice cream and hamburger places had no one. Gas had ticked up another two cents a gallon and no one there. Rest of the stores had all closed early. Very eerie.
And chocolate rations have been increased from eighty grams to fifty grams per week...
Look at the popular songs right now. We’re in the middle of a folk revival, and the number one song is a paean to Goodwill. This is no recession, it’s Depression Mark 2....
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