Skip to comments.U.S. Economy Shrinks By Most Since Great Recession in 1Q (-2.9%)
Posted on 06/25/2014 5:47:58 AM PDT by kristinn
The U.S. economy contracted at a much steeper pace than previously estimated in the first quarter, but there are indications that growth has since rebounded strongly.
The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent pace it had reported last month.
While the economy's woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggest other factors at play beyond the weather. Growth has now been revised down by a total of 3.0 percentage points since the government's first estimate was published in April, which had the economy expanding at a 0.1 percent rate.
The difference between the second and third estimates was the largest on records going back to 1976, the Commerce Department said.
Economists had expected growth to be revised to show it contracting at a 1.7 percent rate. Sharp revisions to GDP numbers are not unusual as the government does not have complete data when it makes its initial and preliminary estimates.
(Excerpt) Read more at foxbusiness.com ...
That’s a huge decline.
Leftism, by any of its’ brand names, always fails economically, culturally and morally.
Only an intellectual idiot would continue to believe in leftism’s hoax and lies.
Kinda like believing in human caused globull warming.
Not seeing this too much in the legacy media.
And...they're trying to manage the bad news: put out a bad number and let the news die down, then later massively revise it down and that revision gets less news coverage.
It’s still Bush’s fault!!!
Is it Recovery Summer yet?
Indications are everywhere...shrinking work force, inflation through the roof, falling wages, downward mobility.
You can't go too far wrong with more of the same.
With Democrats one always must expect the unexpected.
Green shots are right around the corner comrades! I’m sick of hearing that for the last 6 years.
Odungacare is a big factor IMO.
America we are handing the future to China.
We need to work. Here.
Bring back American production.
When hamburger costs $5/lb. and every item has been downsized so that “a pound” of coffee is now 11 oz., most people are having trouble just surviving in this horrible economy.
And...they’re trying to manage the bad news: put out a bad number and let the news die down, then later massively revise it down and that revision gets less news coverage. “
This has been happening month after month for the last five years with the unemployment figures.
At this point, it is probably preferable for the whole thing to burn.
OK, we lied to you about the last quarter’s results, but you can absolutely trust our projections for the next quarter, honest!
you print paper money....and it loses value.
taxation by inflation.