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U.S. 1Q GDP Growth Revised Down to 1.9%
Fox Business ^ | 5/30/2012 | Fox Business

Posted on 05/31/2012 6:29:23 AM PDT by scooby321

U.S. economic growth was a bit slower than initially thought in the first quarter as businesses restocked shelves at a moderate pace and government spending declined sharply.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Breaking News; Politics/Elections
KEYWORDS: economy; gdp; gdprevised; growth; obamadepression; obamanomics; recover
unexpected
1 posted on 05/31/2012 6:29:32 AM PDT by scooby321
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To: scooby321

You are too fast!

I was trying to be the first to log in the obligatory “unexpected”!


2 posted on 05/31/2012 6:31:18 AM PDT by ConservativeDude
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To: scooby321

Na na na na.....
Na na na na.....
O-ba-ma.....
Goodbye!


3 posted on 05/31/2012 6:36:51 AM PDT by Buckeye McFrog
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To: scooby321

Government spending declined? I’ll believe that when I see it.


4 posted on 05/31/2012 6:37:57 AM PDT by ProtectOurFreedom
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To: scooby321
"Inherited" from 8 years of Bush.

/s

5 posted on 05/31/2012 6:40:04 AM PDT by DTogo (High time to bring back the Sons of Liberty !!)
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To: scooby321
The traditional quarterly downward revision.

Hilarious.

6 posted on 05/31/2012 6:40:17 AM PDT by skeeter
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To: scooby321

and let us not forget, they played games with the GDP deflator to get the GDP number that high. With a more reasonable number to correct for inflation, the GDP is likely zero or negative (ie recession).

http://globaleconomicanalysis.blogspot.com/2012/04/gdp-miss-far-bigger-than-announced-real.html


7 posted on 05/31/2012 6:40:30 AM PDT by MulberryDraw (If you mute Obama, the DNC and LSM, you'll have a more accurate view of life in America.)
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To: scooby321

I see that it’s Thursday. The day the numbers are “revised down.”


8 posted on 05/31/2012 6:49:42 AM PDT by Theo (... with Liberty and Justice for all.)
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To: scooby321

Every figure has to be revised downward.


9 posted on 05/31/2012 6:52:01 AM PDT by Terry Mross ("It happened. And we let it happen." Peter Griffin - FAMILY GUY)
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To: DTogo

Bush’s fault!
No, Bain capital!
It’s the Bush tax cuts!
Republicans in Congress refuse to act becasue they hate black presidents, black attorney generals, women, kids, hispanics and puppies!
Eat the rich!
Halliburton!

(take your pick)


10 posted on 05/31/2012 6:54:54 AM PDT by silverleaf (Funny how all the people who are for abortion are already born)
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To: Theo

True, it should be called “Revise Down Thursday” and “Unexpectedly Friday”


11 posted on 05/31/2012 7:05:27 AM PDT by MNDude
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To: scooby321

And the talking heads were doing all the dancing they could to make 2.2 seem like a positive when it was announced. Let’s see them spin the decrease.


12 posted on 05/31/2012 7:10:10 AM PDT by mykroar (October race riots bring November martial law.)
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To: MNDude

Recovery Summer Part IV!


13 posted on 05/31/2012 7:22:50 AM PDT by massgopguy (I owe everything to George Bailey)
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To: scooby321

Can’t be true. I just heard on Fox News that economic indicators were looking up as consumer spend more.

I’m so confused..../s


14 posted on 05/31/2012 7:43:54 AM PDT by Vendome (Don't take life so seriously, you won't live athrough it anyway)
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To: scooby321

15 posted on 05/31/2012 7:47:28 AM PDT by khelus
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To: scooby321

3.0, 2,2, 1.9%, who still relies on these numbers? Is it all just for historians sake?

Does the number truly mean businesses use that as a reliable indicator for making decisions or is it purely for pundits on both sides to use for their ‘narrative’?


16 posted on 05/31/2012 8:01:06 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: Sir Napsalot

Never mind my ignorance. I will self-educate more on the subject.


17 posted on 05/31/2012 8:12:41 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: scooby321
LA Times said that unemployment claims also jumped unexpectedly
18 posted on 05/31/2012 10:03:28 AM PDT by tellw
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To: Sir Napsalot
I think I can explain it by drawing an analogy with my field, science. There's something in science called Headline Science which is largely what you see in the media. Grand pronouncements which are often not true, not backed by valid research, or making vast generalizations from some small fact demonstrated by a study.

In reality, studies are generally small, intentionally limited in scope, designed to illuminate one piece of a much larger puzzle. This is how scientific rigor is maintained. Thus, the words that are used may sound like they mean something to the general public, but the specific meanings of each word may have implications understandable only by reading the whole paper, and maybe by having several years of reading papers, in order to understand the context.

Sooo... each of these economic numbers may have a specific meaning to economists that indicate something very specific. There are leading indicators, that predict what will happen 3 or 6 months in the future. There are lagging indicators, useful for some purposes, but only in hindsight - in other words current indicators predict what lagging indicators will do. That's why U-2, or new unemployment claims, which they make such a big deal of, may be helpful to some, but are certainly no indicator of the health of the economy, and especially not unless considered with all of the unemployment stats as a whole.

I don't know why I wrote all that.

19 posted on 05/31/2012 12:02:08 PM PDT by ichabod1 (Cheney/Rumsfeld 2012)
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To: scooby321

Yeah, looks like “initially thought “is the new “unexpected “? Isn’t this the place where we show the pic of the contortionist guy with his head inspecting his sphincter?


20 posted on 05/31/2012 12:22:53 PM PDT by cherokee1 (skip the names---just kick the buttz)
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To: Vendome

I heard Stu Varney early this morning say that part about consumer spending being up——true enough if you can keep from snickering-—with the price of gas setting records and sales of guns and ammo also setting records there is indeed a smidge of truth init. I expect confirmation soon that sales of pitchforks are up.


21 posted on 05/31/2012 12:33:36 PM PDT by cherokee1 (skip the names---just kick the buttz)
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To: khelus

That chart is a great way to illustrate how fast jobs were going into the overseas terlet even during the housing bubble. The geniuses who were responsible for promoting that bubble should be tied to anchors and allowed to ride the red and blue lines all the way to the bottom. Both of those lines are going to be upside down for at least another decade——


22 posted on 05/31/2012 12:40:30 PM PDT by cherokee1 (skip the names---just kick the buttz)
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To: Sir Napsalot

Unfortunately the CPI has been heavily degraded over time, especially over the prior three admins. Instead of calculating the cost of a set standard of living, it now calculates the cost of a declining standard of living. In turn the inflation adjusted GDP has been overstated.

Some links you might find of interest:
http://www.shadowstats.com/article/no-438-public-comment-on-inflation-measurement

http://www.shadowstats.com/article/consumer_price_index

http://www.shadowstats.com/primers-and-reports


23 posted on 05/31/2012 1:51:30 PM PDT by khelus
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To: cherokee1

Amen to that.


24 posted on 05/31/2012 1:52:03 PM PDT by khelus
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To: Sir Napsalot

FYI more info available on how the CPI, and therefore inflation adjusted GDP have been degraded.


25 posted on 05/31/2012 1:56:16 PM PDT by khelus
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To: khelus; ichabod1

Thank you. It’s a start (for me) ..... I was wondering out loud who exactly uses these numbers, and for what purpose.

I kept seeing periodically reports of such and such indicators which are supposedly telling us how economics is doing, and revisions of them (almost always) afterwards.

Nowadays it seems purely for academic/historic purpose, because nobody (in general public) can have trust in the numbers per se when they come out. Unless people keep and make charts.


26 posted on 05/31/2012 2:34:26 PM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: Sir Napsalot

Exactly. And people do. Revisions are inevitable - the numbers are too big, there’s just going to be error. But people here who are tracking the numbers have exposed a systematic effort to game the system and minimize numbers they don’t like.


27 posted on 05/31/2012 7:14:34 PM PDT by ichabod1 (Cheney/Rumsfeld 2012)
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To: ichabod1; All
I don't know why I wrote all that.

It would have been much easier for you to say we have a Muslim Traitor playing POTUS who is doing everything he can to destroy America

While

The presstitutes lie continuously to cover for their Muslim boy who is simply enabling the radical left to destroy America too.

Obama's Muslim buddies are destroying on purpose but the radical left is doing it because they are STUPID.

Americans look at the headlines and have no idea what is going on. Whether they read DU or FREEREPUBLIC, all they know is it ain't going well. Americans are the biggest fools in history.

28 posted on 06/01/2012 3:49:51 AM PDT by politicianslie (Obama: Our first Muslim PRESIDENT,destroying America $1 Trillion at a time! And America sleeps)
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To: scooby321
Every economic number that comes out of the government from now to the election will be manipulated to make Obama look good. We will see a miraculously recovery as the summer progresses, and by this fall, unicorns will be dancing in the skies, and skittles will rain down on the happy voters. They need some bad news now to make the Obama Miracle seem all the more wonderful.

But after the election, the downward revision will make your head swim.

29 posted on 06/01/2012 4:07:49 AM PDT by Fresh Wind ('People have got to know whether or not their president is a crook.' Richard M. Nixon)
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To: Sir Napsalot; All
... nobody (in general public) can have trust in the numbers per se when they come out ...

You might find the reason Williams started keeping his alternate stats, in an effort to remove the 'improvements' that slowly rendered them useless for business planning.

e.g. Part of the reason the CPI no longer reflects a set standard of living is the use of inflation suppressing tactics such as 'owners rent equivalence', 'the substitution effect', 'intervention analysis', using 'core inflation' which has been stripped of the cost of energy and food to measure the effectiveness of the fed, 'geometric instead of arithmetic weighting', 'chained dollars', etc.
30 posted on 06/01/2012 6:13:35 AM PDT by khelus
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