Skip to comments.U.S. Economy Shrinks By Most Since Great Recession in 1Q (Unprecedented In Other Than Recession)
Posted on 06/26/2014 5:20:45 AM PDT by lbryce
Unprecedented!!US Economy Shrinks By Most Ever Outside Recession!
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.
(Excerpt) Read more at foxbusiness.com ...
FTA: 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.
I included this paragraph because of the egregious hypocrisy in which the shrinkage of the economy was blamed on an unusually cold winter.
Canada’s GDP went up. But of course it’s warmer up there.
Looks similar to the first quarter of 2008.
I seem to recall that we turned the corner and were well on the road to recovery. Guess the harsh winter due to glow-bull discombobulation kind of tossed a wrench in to that huh? Stupid weather. We need to fix the weather. Congress ought to pass a bill. Or better yet, the lyin’king could just use his pen and phone to take care of it. Has algore answered the question yet as to the exact/precise correct temperature and CuhO2 content? Waiting...............crickets.
Time for another Summer Recovery tour?
As I’ve been pointing out, I heard 3, 4, maybe 5 radio stories a month or so ago, explaining that the winter was NOT harsh or real cold. We in the East may have felt super-cold, but if you look at the above average temps out West, it balanced out, and the winter was utterly unremarkable.
These BS stories were an attempt to save face for the global warming scumbags.
Now that they want to bail out the kenyan, all of a sudden, the winter was the coldest in 10 billion years.
Filth and scumbags, all of them.
Welcome to the Obamacare economy, when combined with massive regulations and massive federal debt underwritten by the federal reserve. May I introduce you to Obamaville where food/energy inflation is high; labor participation is at an all-time low; those that are employed have experienced shrinking wages; and last but not least - if you have any money left, you have to purchase health insurance that covers umpteen different things that you’ll never need/use. Good job democrats.
If you want a good gauge on the state of the economy just watch a NASCAR race on TV and take a look at the stands.
NASCAR fans are among the most loyal fans in all sports and the stands are half empty at most tracks.
These are working folks who spend their hard earned money on a sport they love, but when they no longer are coming to the tracks that means that they don’t have the $$ to do so.
I graduated high school in 1977 and college in 1981 and remember the “Carter Malaise”, this is much worse.
I happen to believe that the GDP numbers have been grossly inflated for the past 4 years after Obozo replaced the heads of the BLS with his sycophants.
If you knock off 3 points from each quarter you are probably closer to reality. you will also realize that we have never exited the recession in the first place.
Just my $0.02.
Socialism Is Legal Plunder - Bastiat "The Law"
Good post, Go Gordon
. It's still unprecendented, we never got out of the recession. The idea we did is moronic.
Don’t like the numbers shown by inflation...how the index is calculated gets changed. Unemployment numbers...getting better, even though there are less people (as a percentage of population) working.
GDP? Wait for the official announcement that it is no an indication of growth and is to be replaced by some newly made up index that is practically impossible to calculate with any degree of accuracy or precision. After all, if the numbers are just going to be made up anyway, what difference does it make?
There was still ice on lake Superior in June, that hasn’t happened since the 1800’s.
The economy just can’t recover because it’s too cold in the winter and too hot in the summer. And then there are those severe snow flurries... Damn global warming!
Obama is the double dip.
All Hail the Obama recovery!
0 takes pride in this...he sees himself as successful at completing his plan.
It’s 1937 all over again; the depression within a depression, occurring in part because of all the bad economic moves that occurred in FDR/Obama’s first term, and in part because of the sense in both administrations that, having been re-elected, they are essentially untouchable. (That WWII was already brewing in 1937, and WWIII is already brewing in 2014, is, I sincerely pray, just a coincidence.)
Nothing to fear, Michelle Obama has been promoting the drinking of water. What would we do without her?