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Bad to worse: US economy shrank more than expected in Q1
CNBC ^ | June 25,2014

Posted on 06/25/2014 9:13:03 AM PDT by Hojczyk

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.

The latest revisions reflect a weaker pace of healthcare spending than previously assumed, which caused a downgrading of the consumer spending estimate. Trade was also a bigger drag on the economy than previously thought. The economy grew at a 2.6 percent pace in the final

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


TOPICS: Business/Economy; Crime/Corruption; Government
KEYWORDS: economy; gdp

1 posted on 06/25/2014 9:13:03 AM PDT by Hojczyk
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To: Hojczyk

We are being propped up by Hollow Words from known Liars.....

Not long now...


2 posted on 06/25/2014 9:13:51 AM PDT by GraceG (No, My Initials are not A.B.)
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To: Hojczyk

That’s unexpected. How could the economy shrink - again - just as the brilliant, job-creating law affectionately known as “ObamaCare” goes into effect?


3 posted on 06/25/2014 9:14:55 AM PDT by Pollster1 ("Shall not be infringed" is unambiguous.)
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To: Hojczyk

No news here. The planned destruction of the American economy is right on track. Move along folks — don’t block the unemployment lines...


4 posted on 06/25/2014 9:15:39 AM PDT by EagleUSA
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To: Hojczyk

IT’S THE WEATHER! SUN SPOTS! BUSH! CLIMATE CHANGE! TEA PARTY ACTIVISTS! REPUBLICANS! ANTI-OBAMA RACISTS!

Did I miss anything?


5 posted on 06/25/2014 9:15:48 AM PDT by Pining_4_TX (All those who were appointed to eternal life believed. Acts 13:48)
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To: Hojczyk

The worst thing is when this house of cards comes down, the biggest Chamber of Commerce cronies will be well prepared and will get out beforehand due to insider trading with crapweasels like Thad Cochran and Mitch McConnell. Lord, I wish they would get crushed and end up destitute.


6 posted on 06/25/2014 9:16:42 AM PDT by Viennacon (Rebuke the Repuke!)
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To: Hojczyk

I hope we make it to 2016 with this combined freak show/doomsday machine in the White Hut.


7 posted on 06/25/2014 9:17:18 AM PDT by Nowhere Man (Mom I miss you! (8-20-1938 to 11-18-2013) Cancer sucks)
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Comment #8 Removed by Moderator

To: Hojczyk

It was the fault of a harsh winter, Bush, or... something.


9 posted on 06/25/2014 9:21:47 AM PDT by fwdude (The last time the GOP ran an "extremist," Reagan won 44 states.)
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To: I want the USA back
"Unusually cold winter" meant a great economic picker upper in northern New England.

Great snowmobiling, skiing, snowshoeing, etc.

10 posted on 06/25/2014 9:22:57 AM PDT by Mogger (Independence, better fuel economy and performance with American made synthetic oil.)
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To: Hojczyk

Welcome to the Obama Depression.

Pray America wakes up


11 posted on 06/25/2014 9:23:25 AM PDT by bray (Palin/Putin 2016)
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To: Hojczyk
BLACK Privilege!


12 posted on 06/25/2014 9:23:33 AM PDT by TexasCajun
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Comment #13 Removed by Moderator

To: Pining_4_TX

“a lack of a living wage for worrrrrkers”


14 posted on 06/25/2014 9:25:20 AM PDT by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: Pining_4_TX

...Koch brothers.


15 posted on 06/25/2014 9:25:22 AM PDT by afsnco
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To: Hojczyk

Or did they push the bad news into one quarter so it will be easier to show growth this quarter—and avoid an official recession?


16 posted on 06/25/2014 9:26:13 AM PDT by 9YearLurker
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To: Hojczyk

The horrible thing is that this happens in spite of huge increases in domestic oil production masking an even worse economic situation.


17 posted on 06/25/2014 9:29:27 AM PDT by freerepublicchat
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To: Nowhere Man

I hope we make it to 2016 with this combined freak show/doomsday machine in the White Hut.


Obama is going to become more obstinate than ever.


18 posted on 06/25/2014 9:32:38 AM PDT by laplata (Liberals don't get it .... their minds are diseased.)
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To: Hojczyk

I will be out today buying ammo. It won’t be too long before the Gubment will be too broke to support the entitlements it gives out. When the checks don’t go out the streets will be far worse than present day Iraq.


19 posted on 06/25/2014 9:34:24 AM PDT by IC Ken
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To: IC Ken

Good idea. I’ll be stocking up this weekend as well.


20 posted on 06/25/2014 9:36:05 AM PDT by fwdude (The last time the GOP ran an "extremist," Reagan won 44 states.)
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To: Hojczyk

Deliberate subversion of the worlds mightiest economic machine for purely political gains, ie; installation of a Marxist Dictatorship.


21 posted on 06/25/2014 9:38:52 AM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: Hojczyk

Bring in a bunch of illegal immigrants and see it plunge by November.


22 posted on 06/25/2014 9:39:45 AM PDT by VanDeKoik
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To: GraceG

Watch for people, en mass to become like pets just before an earthquake. In a way, it’s already happening.


23 posted on 06/25/2014 9:49:02 AM PDT by cuban leaf
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To: Hojczyk

Hope and change. The people in the former soviet empire must be getting a kick out of the blame the weather is getting.


24 posted on 06/25/2014 10:01:27 AM PDT by Daveinyork
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To: Pining_4_TX

people are not paying their “fair share of taxes”
Like Hillary and Bill-

Evil corporations not hiring enough workers!

Evil Oil- dragging down the economy!

And finally- not enough workers!- let the illegals in!


25 posted on 06/25/2014 10:04:17 AM PDT by mj1234
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To: IC Ken

You are fooling yourself. The welfare checks will never stop. If they have to defund everything else the welfare checks will go on.


26 posted on 06/25/2014 10:07:12 AM PDT by sheana
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To: laplata

That’s what scares me.


27 posted on 06/25/2014 11:36:44 AM PDT by Nowhere Man (Mom I miss you! (8-20-1938 to 11-18-2013) Cancer sucks)
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To: MRourke85
That was my first thought. Let 2nd qtr come in even -0.1% by the time of its final revisions in September and the Rats have to defend their recession in the fall elections. They don't think they, and their media, can fudge the numbers enough... in the quarter... to prevent that. So they shift a bunch of 2nd qtr duds into the final 1st qtr revision. More will show up in the post-election 3rd qtr revisions. And the 4th qtr numbers will be atrocious. Meanwhile the Great Depressing continues.
28 posted on 06/25/2014 11:59:12 AM PDT by JohnBovenmyer (Obama been Liberal. Hope Change!)
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To: sheana

re>
You are fooling yourself. The welfare checks will never stop. If they have to defund everything else the welfare checks will go on.

Maybe but when it gets to a point of defunding Gubment or cutting back entitlements. I know which one will win.


29 posted on 06/25/2014 2:13:47 PM PDT by IC Ken
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To: LostInBayport; afsnco

Ah, yes, thank you.

Also, the war on women and income inequality.


30 posted on 06/25/2014 4:51:44 PM PDT by Pining_4_TX (All those who were appointed to eternal life believed. Acts 13:48)
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To: Pining_4_TX

unexpectedly!


31 posted on 06/25/2014 4:52:13 PM PDT by GeronL (Vote for Conservatives not for Republicans)
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