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?
Yahoo just told us that Dow 40,000 is just around the corner.
LOL! Imagine that.Things other than weather can affect the economy. Perhaps the national weather service and the commerce dept. should merge into a single dept.
The Islamic State of Iraq and Syria will come out tomorrow, bet your bottom dollar that those gas prices will go up! They’ll be sawing some heads off , tomorrow, bet your bottom dollar that there will be international respect for gay and lesbian rights. There will be illegal immigrants, and FEMA camps, and rioting. There will be joblessness and health care fines, carbon taxes, and bank runs.
"Unprecedented - U.S. Economy Shrinks By Most Ever Outside Depression"
Great - I feel much better.
Most of us in engineering/technical jobs for large manufacturers have had no raise (or paltry ones) for several years.
Michelle Obama school lunches will be popular tomorrow, we’ll ask for them at McDonald’s when we go there to get served. Martial law will come out tomorrow, the mainstream media will push the Hildabeast down our throats for 2016. Michelle Obama will run for Senator in Illinois tomorrow. Hillary Clinton will be broke tomorrow, Bill will yell at the press and tell them to treat her right. She’ll even give back her speaking fee from UNLV. The mainstream media won’t be liberal suck ups tomorrow and Alec Baldwin won’t be on every station on tv.
The Washington Redskins will change their name, tomorrow, Howard Cosell will come back from the dead and compare Michael Sam to a gay chimpanzee. Hank Williams Jr. will be back doing the music on Monday Night football tomorrow, Obama won’t be controlling who is on and off, your tv. Tomorrow, tomorrow, I love you tomorrow, which one was Michael and which one was Sam, anyway?
Obama has been an agent of change.
I grew up having great empathy for the poor souls behind the Iron Curtain living their lives out under the insuufferable arrogant and brutal tyranny of Russian Stalinists like Nikita Kruschev.
But that has changed, thanks to Barack Obama.
Now I have great empathy for all of us poor souls living our lives out under the insuufferable arrogant and brutal tyranny of American Stalinists like Barack Obama.
The price of stock is up because the prices of everything else is up.
George Zimmerman won't be free tomorrow, he'll just lie there and let Trayvon Martin pound his head, into the concrete.
Bowe Bergdahl will be a war hero tomorrow, instead of just a deserter who went AWOL to join the Taliban.
Obama won’t trade Al Qaeda commanders tomorrow, instead he will make a trade for Carmelo Anthony and LeBron.
Tomorrow, Tomorrow, the Muslim Brotherhood won’t be terrorists tomorrow, things will be just like Obama say!
Listened to a radio finance guy last night saying he thinks they shifted obamacare money from Q1 to Q2 and interest from Q2 to Q1 to make Q1 worse (since it was already known to be bad) and to prevent Q2 from being booked as a recession (2 negatives quarters in a row). Im leaning toward this. Did anyone else hear anything similar?
No doubt she'll get around to suggesting that when we eat that we should eat food.
This is clearly a job for:
Let’s just say the economy, both American and global, are very close to collapsing. It won’t take much of a straw on the camel’s back to bring it down.