US GDP unexpectedly contracted at a 1.4% annualized rate in Q1

Yahoo ^ | 04/28/2022 | Emily McCormick

[Houserino]

Scroll back up to restore default view. Yahoo Finance US GDP unexpectedly contracted at a 1.4% annualized rate in Q1 Emily McCormick Emily McCormick·Reporter Thu, April 28, 2022, 8:31 AM·3 min read In this article:

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U.S. economic activity unexpectedly contracted in the first three months of 2022 with lingering supply chain constraints, inflation, and disruptions amid Russia's war in Ukraine weighing on growth.

The Bureau of Economic Analysis (BEA) released its initial estimate of first-quarter U.S. gross domestic product (GDP) Thursday at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus data compiled by Bloomberg:

GDP annualized, quarter-over-quarter: -1.4% vs. 1.0% expected, 6.9% in Q4

[HighSierra5]

Depression.

[Repealthe17thAmendment]

Expect the White House to start testing the phrase, “Putin’s Recession.”

[BitWielder1]

The only unexpected part is that they admitted it.

[skimbell]

I used to say “cash”, but...

[wiseprince]

Is this headline real? Did they actually say unexpectedly?

[bert]

The market already anticipated and then digested the GDP decline

[Lurker]

Everybody drink!

L

[M Kehoe]

Who is that?

Is it Jimmah Carter riding a horse called stagflation?

5.56mm

[Oldeconomybuyer]

Rooters spin:

WASHINGTON(Reuters) - U.S. economic growth unexpectedly contracted in the first quarter as a resurgence in COVID-19 cases disrupted activity, but the decline in output paints a misleading picture of the economy amid solid domestic demand.

[Varsity Flight]

Help to the rescue:

1. Kill off remaining oil gas expansion access.

2. Destroy housing and building investments.

3. Let the third world cross over and in.

4. Punish men. Men spite.

[TexasFreeper2009]

when a democrat is president all bad economic news is “unexpected” !

[Kharis13]

Putin’s fault! He’s so powerful he was able to make inflation, prices, and crime all skyrocket a full year before he invaded Ukraine. Now he’s causing our “booming” economy to tank. Wow, Putin really is powerful. /s

[AAABEST]

There is no “growth.” And by that I mean less than ZERO. The only reason people are buying goods/services is they hate money right now - they want tangible items instead.

The Zimbabwe stock market was through the roof when their currency was collapsing. Inflation makes things look like they’re growing.

Half of the population is not working and the cost of living is going ballistic. Any “growth” is an illusion.

The 7% inflation rate is a joke. It’s at least double that. Same with the fake unemployment rate.

[Varsity Flight]

✔

[neodad]

Well GDP includes government spending so there’s that. It’s way worse…..

[Alberta's Child]

None of this should be a surprise to anyone who has even a basic understanding of how things work. We have probably had effective negative GDP growth for most of the last ten years.

GDP growth is only driven by two factors: (1) population growth, and (2) productivity improvements. Our population growth has been anemic for years, and the average American produces LESS today than he or she did ten years ago. None of this bodes well for the U.S. economy.

[Houserino]

There’s some growling going on about a housing crash coming shortly. If that happens, man. It really feels like we’ve been in constant severe recession to me since 9/11.

[Bonemaker]

Putin even single handedly killed the pipelines and drilling!

[Nifster]

Not at all unexpected. We are headed to stagflation and a full blown recession

[Vendome]

“The U.S. economy shrank last quarter for the first time since the pandemic recession struck two years ago...”

I really do not see how that is possible.

Tourism was flat out shut down

Highways were so clear in the middle of the week that kids would caravan down them at speeds in excess of 100mph.

With people going home “to work” parking garages in cities like San Francisco were closed because downtown resembled the ghost cities of China.

All the attendant companies in the downtowns had no customers. ie restaurants, dry cleaner, office supply companies, coffee and water services, etc.

I have a friend who owned 4 Auto Paint Collision centers. He closed 2 and the employees he kept were working 1/2 days.

Why? Because with no one driving on the roads there were less auto accidents.

Another friend owns a fleet of tow trucks and his guys were sitting around doing nothing as well.

I myself lost 75% of my income and saw that same number of colleagues permanently laid off at the same time.

Fortunately I haze zero bills except my cell phone, which I can’t seem to pay off and I weathered that storm.

I could go on detailing the number of companies who lost revenue and permanently closed because of this scam but, it amazes me that the economy grew at all or even held flat.

I actually don’t believe it either...