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U.S. economy collapses in first quarter, but growing again
Reuters ^ | June 25, 2014 | by Lucia Mutikani

Posted on 06/25/2014 10:55:36 AM PDT by Oldeconomybuyer

(Reuters) - The U.S. economy contracted at a much steeper pace in the first quarter than previously estimated, turning in one of its worst-ever non-recession performances, but growth already appears to have rebounded strongly.

The economy was held back by an unusually cold winter, the expiration of long-term unemployment benefits and cuts to food stamps, which curbed consumer spending. It was also weighed down by a slowdown in the pace of restocking by businesses.

All these temporary factors have since faded, lifting growth early in the second quarter.

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


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: bias; failure; journalism; obamanomics
Rooters straps on the knee pads.
1 posted on 06/25/2014 10:55:36 AM PDT by Oldeconomybuyer
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To: Oldeconomybuyer
but growth already appears to have rebounded strongly.

At least until the hard numbers come in.

2 posted on 06/25/2014 10:57:20 AM PDT by Robert DeLong (u)
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To: Oldeconomybuyer

Read here: http://www.zerohedge.com/news/2014-06-25/here-reason-total-collapse-q1-gdp

Then read his prediction at the end:

Don’t worry thought: this is actually great news! Because the brilliant propaganda minds at the Dept of Commerce figured out something banks also realized with the stub “kitchen sink” quarter in November 2008. Namely, since Q1 is a total loss in GDP terms, let’s just remove Obamacare spending as a contributor to Q1 GDP and just shove it in Q2.

Stated otherwise, some $40 billion in PCE that was supposed to boost Q1 GDP will now be added to Q2-Q4.

And now, we all await as the US department of truth says, with a straight face, that in Q2 the US GDP “grew” by over 5% (no really: you’ll see).


3 posted on 06/25/2014 10:57:24 AM PDT by RightFighter (It was all for nothing.)
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To: Oldeconomybuyer

1984 By George Orwell (Audiobook) Part 1

https://www.youtube.com/watch?v=CXFI12206A0

Listen to this and you wont even be able to tell where the fiction ends and our reality starts!


4 posted on 06/25/2014 10:57:37 AM PDT by VanDeKoik
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To: RightFighter

Yep, I bookmarked that post.


5 posted on 06/25/2014 10:58:06 AM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Robert DeLong; All

“but growth already appears to have rebounded strongly.”

SUMMER OF RECOVERY!!


6 posted on 06/25/2014 10:58:43 AM PDT by tcrlaf (Q)
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To: Oldeconomybuyer

We are at war with Eastasia.


7 posted on 06/25/2014 10:58:47 AM PDT by SpaceBar
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To: Oldeconomybuyer

WAIT... What???

I thought that only racists that hated the idea of a black president thought the economy collapsed in the 1st quarter.

My TV told me so.


8 posted on 06/25/2014 10:59:54 AM PDT by tcrlaf (Q)
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To: Oldeconomybuyer

“its growing... its growing!”

Sounds like a teenager with an unimpressed girlfriend. Can these economists get any more praetorian?


9 posted on 06/25/2014 11:01:08 AM PDT by Viennacon (Rebuke the Repuke!)
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To: Oldeconomybuyer
but growth already appears to have rebounded strongly

Until it too is revised when????

10 posted on 06/25/2014 11:02:29 AM PDT by pfflier
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To: Oldeconomybuyer

There has been no cut in food stamp funding. A temporary bump up came to its sunsetted end and funding is back to normal.


11 posted on 06/25/2014 11:03:24 AM PDT by SaxxonWoods (....Let It Burn...)
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To: VanDeKoik

VanDeKoik: With regard to your post about 1984:

Last year, I was sitting with my wife watching Atlas Shrugged, Part 2. There was a part where Sean Hannity and Juan Williams, on their fictional counterpart of the real Hannity Show, were discussing the latest directive restricting companies and workers (the infamous “Directive 10-289”). At that moment, the doorbell rang, so I put the Tivo on pause.

Once we came back to the TV, the Tivo switched off the movie, right onto the channel that we had it on, which was Fox News. Coincidentally, the Hannity show was on, and he was discussing Obamacare with Juan Williams. My wife and I were basically floored, as there was virtually NO DIFFERENCE between the way the implications of Directive 10-289 and Obamacare was discussed between the fictional and real Hannity and WIlliams.


12 posted on 06/25/2014 11:06:59 AM PDT by GOP Congress
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To: Oldeconomybuyer

Economic doctors noted that after 7 months of watching the corpse, the stench of rotting flesh is starting to dissipate, giving then renewed hope for a full and complete recovery.


13 posted on 06/25/2014 11:11:51 AM PDT by Cementjungle
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To: Oldeconomybuyer
All Aboard For The Sixth Annual Summer Recovery

Don't Hesitate - The Obama Train Is leaving The station Right Now !!!


14 posted on 06/25/2014 11:35:25 AM PDT by Iron Munro (The Obamas' Black skin has morphed into Teflon thanks to the Obama Media)
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To: Oldeconomybuyer

The writer must have had to tie down his arms to keep from adding “unexpectedly” in the first line.

He did, however, manage to get in “an unusually cold winter” so not all was lost.


15 posted on 06/25/2014 11:36:16 AM PDT by SharpRightTurn (White, black, and red all over--America's affirmative action, metrosexual president.)
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To: Oldeconomybuyer

For those of us that learned to count,read,write.. all that worthless crap they taught us in the 60’s before we realized the only important thing in school is proper condom placement and use.

There has not been a POSITIVE QUARTER in 30 years if you DEDUCT GOVERNMENT DEFICIT SPENDING. Nor has there been one since The Moneychangers began QE(Theft by Dilution),ie.giving WALL St $85 Billion per month which you must subtract out giving a NEGATIVE GROWTH RATE for a long long time.


16 posted on 06/25/2014 11:41:31 AM PDT by eyeamok
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To: Oldeconomybuyer

And in other news... why high gas prices are good for you. LOL! These people are so predictable. They can never report bad news for Obama without spin.


17 posted on 06/25/2014 11:43:14 AM PDT by nhwingut (This tagline is for lease)
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To: Iron Munro

yep


18 posted on 06/25/2014 11:45:42 AM PDT by F15Eagle (1Jn4:15;5:4-5,11-13;Mt27:50-54;Mk15:33-34;Jn3:17-18,6:69,11:25,14:6,20:31;Ro10:8-11;1Tm2:5-6;Ti3:4-7)
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To: SharpRightTurn
He did, however, manage to get in “an unusually cold winter” so not all was lost.

Clearly this writer did not get the message that the earth is warming "faster than expected".

19 posted on 06/25/2014 12:00:28 PM PDT by the_Watchman
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To: Oldeconomybuyer

“Rooters straps on the knee pads.”
They’ve been wearing the same knee pads for years,they never bother to take them off anymore.


20 posted on 06/25/2014 12:13:09 PM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: Oldeconomybuyer
LOL! Oil and fuel are still up and skyrocketing, and it's the end of June. Gun control, fire bans, legalized pot, pot detection ready for DUI vehicle stops, more planning and building regulations, regulations against wood stoves, cameras focused on visitors in the wilderness and all NIMBY eyes on non-locals and ready to report!







21 posted on 06/25/2014 1:23:45 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: Oldeconomybuyer
...an unusually cold winter

It snowed! Yeah, that's the ticket!

This is exactly what North Korea does when it's explaining the latest famine.

22 posted on 06/25/2014 9:12:15 PM PDT by denydenydeny (Admiration of absolute government is proportionate to the contempt one has for others.-Tocqueville)
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Drunk falls on face. Gets up.


23 posted on 06/25/2014 9:13:03 PM PDT by Gene Eric (Don't be a statist!)
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