Skip to comments.Economy Contracted 0.7% in First Quarter, Partly Due to Rising Imports
Posted on 05/29/2015 9:04:24 AM PDT by Olog-hai
Initial estimates of positive economic growth in the first quarter of 2015 have now turned negative.
The U.S. economy actually shrank in the first quarter of 2015 as real gross domestic product (GDP) declined at an annual rate of 0.7 percent, according to the Obama administrations second look at the numbers.
The 0.7 percent decline in first-quarter real GDP was revised from the previously reported gain of 0.2 percent, which was the advance estimate put out at the end of April by the Commerce Department and the Bureau of Economic Analysis (BEA). Real GDP is adjusted for inflation and represents the value of the production of goods and services in the United States.
(Excerpt) Read more at cnsnews.com ...
It’s those pesky imports... not MY fault.
— Barack Hussein Obama
Ergo, climate change leads to more imports.
Before somebody actually AGREES with this bizarre fantasy, let’s ask ourselves what Sowell and Williams would say about this. They’ve written about it many, many times.
Thank goodness Recovery Summer VII is right around the corner!
That is a really big miss, from +.2 to -.7 that is almost a full percent miss. Epic fail.
Liberalism fails again.
It was effected by both rising imports and the strike at the West Coast Import Facilities.
Har har. Good thing you made note of that on Free Republic. Most anywhere else the math is far too advanced for the average numbnuts progressive. May as well be circular functions of trig to them.
I could almost swear last night the report I saw posted here said it declined 0.8...
I’d start asking serious questions if there is weak GDP growth in the April-June quarter, though.
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.
"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."
I thought the drop was due to Climate Blame.
So let’s sign the BIGGEST FRIGGIN’ FREE TRADE DEAL EVER with the Pacific Rim!
The only reason the original estimate was positive is because they recently changed the formula. If not, it would have been negative
They are actually admitting contraction?
Must be a lot worse than what they are claiming.
The good old unit circle! Just about all of trig can be derived from it. For those wondering the unit circle is a circle with a radius of 1 at co-ordinates 0,0 (x,y) on a two dimensional plane.
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