Skip to comments.Get ready for some depressing news about the US economy (UNEXPECTED!)
Posted on 05/28/2015 8:30:56 PM PDT by SaveFerris
We're about to get some terrible news about the US economy.
On Friday morning at 8:30 a.m. ET, the Bureau of Economic Analysis will release its second estimate of first quarter GDP, which is expected to show the economy contracted 0.8% in the first quarter.
The initial reading on first quarter GDP, released on April 29, showed the economy grew just 0.2%.
Ahead of that report, Wall Street expected the economy grew 1% to start 2015.
Subsequent data, however, showed that the economy was likely even weaker than first estimated to start the year.
Some economists, however, either aren't sure about these numbers or think there is reason we can look past what is, all things considered, some startling data about the economy.
Joe LaVorgna, chief US economist at Deutsche Bank, expects that Friday morning's reading will show the economy contracted by 1% to start the year. LaVorgna, though, thinks the BEA's seasonal adjustment procedures are overstating the economy's weakness during the first quarter.
"There appears to be a problem with the BEAs seasonal adjustment procedures because the weakness in Q1 output has been persistent during this economic expansion," LaVorgna wrote in a note to clients on Thursday. "Importantly, the BEA recently disclosed that government statisticians are examining this apparent bias."
(Excerpt) Read more at finance.yahoo.com ...
Summer of Recovery Part MCXXLVXXII (it will be off as I just threw that together).
Don’t get any of it on ya!
You know, it would be much simpler if they just let all of us have some of this cash they’re printing up.
Before it all hits, that is.
One comment on Yahoo!
“wow you mean that liberal yahoo has stopped sugar coating the economy for Obama?”
Somebody gets it.
There is no economy.
Only the fed.
Correct. I know this quite well, personally.
Very well. I am sorry to say.
They repeatedly screw with the numbers to avoid having two consecutive quarters from showing negative growth - the common definition of recession. If a quarter goes negative, they pile as much as they can in it accounting wise so that the next quarter is positive.
We’ve become a third world banana republic...
The truth is not allowed. It is whatever they say it is.
I am sure the media will tie this to global warming.
Something like ...... “The weather in the first quarter was largely responsible for the sluggish economy.”
I’ve never heard weather used more as an excuse for our lame economy that it has been under Obama.
No we won't. What we'll get is 'applications for unemployment benefits down!'
Pardon me. I gotta go unclog an obama from my guest toilet.
Even their lies are too close to the truth for their liking.
This is what depressions look like.
Hopefully we don’t all end up living in Obamavilles.
Facts do not cease to exist because they are ignored. Aldous Huxley
Can someone explain the housing sales being up today, think it is just demographics changes working in their favor but don’t know.
Damn snow storm!
California housing sales are driven by tremendous $$$ from overseas, mostly Chinese. That’s a big market so swings the national figure considerably. Also New York sales include a lot of foreign money, such as Russian Local Americans are mostly out- priced in these large markets but the sales figures don’t care about such matters
If the MSM doesn’t report on a sickly
economy then it ain’t happening....
Yes, we have Pravda(s) in Soviet Russia America now.
For several years now.
Great news for stocks! Look for markets to surge. (This means more QE-infinity.)
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