Get ready for some depressing news about the US economy (UNEXPECTED!)

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%.

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 BEA’s 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."

Can someone explain the housing sales being up today, think it is just demographics changes working in their favor but don’t know.

Just heard a story about this. First time buyers are WAY behind where they should be. The rest of the housing market is people buying smaller when the kids leave, or bigger when the family expands. New construction was at a 30 year low, I think they said. Everyone swap houses!

The economy sucks. Our county is a prime example. Story in the local rag yesterday said that our county in Alabama has two of the five largest losers of population in the state in the last year. They cite the economy and lack of jobs. Our county lost a military base in 1999 thanks to Slick Willie. They have severely cut back the military work at the Depot here also causing loss of hundreds of jobs and the contractors there have severely cut also.

We have very little industry. Everything is service sector type jobs. There is no future here. All the kids are moving away looking for job opportunities. Since I was a kid, this home town of mine has lost from around 35,000 down to a population of about 22,000+ according to the story. The town right next to my old home town has about 21,000+. The county itself has lost about 25,000 from a population several years ago. Again, jobs, jobs, jobs, opportunity for young people.

THAT is the very reason I left here for over 35 years and did not return until 9 years ago because of the low cost of living here. We bought a very nice house that would have cost us $75-90,000 more where we left in WA state coming here.

No, the economy sucks. Unless you live in a great tech place. Normal jobs are gone overseas. That is one of the things that also killed jobs here. The textile industry here was big. Now, all gone. We had manufacturing jobs here, thread mills that made tons of stuff. Now all those are long long gone overseas. Hundreds, a few thousand jobs GONE overseas.

The “Truth” will be told the first month of a republican presidency...”Women, babies, old people and minorities are dying. The economy is in the tank, the climate is destroying the future for developing countries, and greedy old white men are playing golf and smoking cigars.”

I look forward to the headlines. It will mean Obama is gone and one of the thirty repubs is POTUS.

Damn snow storm!

“WASHINGTON (Reuters) - The U.S. economy contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls, a resurgent dollar and disruptions at West Coast ports, but activity already has rebounded modestly.”

I don’t recall them ever using such excuses for presidents. I believe we’ve always had snow.

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