First quarter GDP revised downward - drops into negative territory at -1%

[The Nature Boy 4,224]

I am finally on board with Liberals. I do blame the person in Office the last 4 years

http://www.caintv.com/1st-quarter-gdp-revised-downwa

First quarter GDP revised downward - drops into negative territory at -1%

Sorry, guys. 0.1% 'growth' was super-optimistic.

One month ago, we received news that the U.S. economy was stagnating. According to the Bureau of Economic Analysis, first quarter GDP grew at a truly dismal rate of 0.1%. Dan wrote about how terrible that figure is, while I pointed out that forced spending via ObamaCare was the only reason it was as "good" as it was. Basically, by forcing Americans to spend money on pricy insurance policies they didn't want, the President had just barely managed to drag his negative GDP into positive territory.

Except (and every sane person knew it) that wasn't really the case. As it always does, the Bureau of Economic Analysis has revised its numbers and it released its findings this morning.

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 1.0 percent in the first quarter according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, real GDP was estimated to have increased 0.1 percent. With this second estimate for the first quarter, the decline in private inventory investment was larger than previously estimated (see "Revisions" on page 3).

The decrease in real GDP in the first quarter primarily reflected negative contributions from private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment that were partly offset by a positive contribution from personal consumption expenditures. Imports, which are a subtraction in the calculation of GDP, increased.

[B_J 2,752]

Let me go first...

Caintv :rofl: :rofl:

Something about pizza. :rofl:

[mota bhai 2,675]

Wall Street was expecting it to be negative due to the harsh winter. This is not a surprise.

[luckytxn 2,264]

Just keep pumping more money and keep the interest rate near zero. That will continue to fix everything. Continue high debt is a good thing.

[mota bhai 2,675]

High interest rates will make it so people can continue to do stuff outdoors when snowed in!

[luckytxn 2,264]

And flood the market with ever cheaper dollar.

High interest rates will make it so people can continue to do stuff outdoors when snowed in!

[The Nature Boy 4,224]

Let me go first...

Caintv :rofl: :rofl:

Something about pizza. :rofl:

Ok here it is from Cnn.. better now

First drop in U.S. economic growth in three years

http://finance.fortune.cnn.com/2014/05/29/gdp-drop-revision/

[Pinocchio Liberal 268]

Wall Street was expecting it to be negative due to the harsh winter. This is not a surprise.

[mota bhai 2,675]

Marc, if you read the financial news regularly and didn't just peek your head in when there was a BREAKING NEWS headline, you'd know.

[Teddy B 17,252]

It's Bush's fault.

[Boiler 45,690]

It can not keep going up, mathematics suggest otherwise.

[Pinocchio Liberal 268]

Marc, if you read the financial news regularly and didn't just peek your head in when there was a BREAKING NEWS headline, you'd know.

The east coast in no way drives the economy of the entire country.

[mota bhai 2,675]

The east coast in no way drives the economy of the entire country.

Okay, I guess you really are as clueless as they say.

[Pinocchio Liberal 268]

Okay, I guess you really are as clueless as they say.

????? The debate must have changed.

[GandD 5,966]

The east coast in no way drives the economy of the entire country.

You're right, Cali is a juggernaut too.