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.)
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!!!
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....