US economy sinks at a 5.7 percent pace in 1Q

Yahoonews ^ | 5/29/09

[anniegetyourgun]

WASHINGTON (AP) -- The U.S. economy sank at a 5.7 percent pace in the first quarter as the brute force of the recession carried over into this year. However, many analysts believe activity isn't shrinking nearly as much now as the downturn flashes signs of letting up.

The Commerce Department's updated reading on gross domestic product, released Friday, showed the economy's contraction from January to March was slightly less deep than the 6.1 percent annualized decline first estimated last month. But the new reading was a tad worse than the 5.5 percent annualized drop economists were forecasting.

[dfwgator]

[ClearCase_guy]

as the brute force of the recession carried over into this year

I think what they're saying is: "Bush's fault!"

[Neverforget01]

"It's safe to say we have stepped back from the brink." Barack Obama-May 27, 2009.

Don't believe what you're seeing with your own eyes.

[for-q-clinton]

Love the graphic. Funny stuff.

[edcoil]

Didn’t a trillion dollars previously never in the economy go out last month? How can this result in down numbers?

[Juan Medén]

However, many analysts believe activity isn't shrinking nearly as much now as the downturn flashes signs of letting up.

This is so routine it is funny. Behind every piece of bad news the media add a ". . . not as bad as expected . . ." clause. They are so pathetically predictable.

[shineon]

Just directly connect the economy to the price of oil and get on with it.

[KC_Conspirator]

At what time do we start blaming Obama? He has lost 2.6 million jobs, by far the worst in my lifetime and the economy continues to implode. Meanwhile the lying MSM reports “green shoots” and other lies about the economy.

[GeronL]

what signs of letting up?

How many people are about to lose their jobs, contractors, suppliers and such when GM and Chrysler are finished being manhandled by big bro?

[GeronL]

Its going to be interesting to see how they sell those trillions on the bond market

[Ev Reeman]

If you think things are bad now. Just wait until double digit inflation kicks in. It will make Jimmy Carter’s recession look like a boom by comparison!

[reagan_fanatic]

[Titus Quinctius Cincinnatus]

Meanwhile the lying MSM reports “green shoots” and other lies about the economy.

Never forget that eventually, reality WILL assert itself. The MSM can't fight that.

[GeronL]

if they monetize the debt I’d sat triple digits easy

[spiderfern]

I read somewhere the gov’t thinks it’s good news—they predicted it to drop 6.1—talk about SPIN!!!!!!

[KC_Conspirator]

Are you fricking serious! The lies, the lies!

[Oldpuppymax]

Witness the AP trying desperately to put a positive spin on terrible economic news. You know...like it always did during the Bush administration! BWAHAHAHAHAHAHA

[jiggyboy]

Its going to be interesting to see how they sell those trillions on the bond market

"With respect to yesterday’s episode in the mortgage market -- yes, it is as bad as you can imagine. Yesterday, the mortgage market was so volatile that banks and mortgage bankers across the nation issued multiple midday price changes for the worse, leading many to ultimately shut down the ability to lock loans around 1pm PST. This is not uncommon over the past five months, but not that common either. Lenders that maintained the ability to lock loans had rates UP as much as 75bps in a single day."

http://globaleconomicanalysis.blogspot.com/2009/05/mortgage-market-locks-up.html

update here http://globaleconomicanalysis.blogspot.com/2009/05/dear-mortgage-refinance-applicant.html

[truthandlife]

HOPE AND CHANGE