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WASHINGTON—The U.S. economy contracted in the first quarter of 2014, the latest stumble for a recovery that has struggled to find its footing since the recession ended almost five years ago.

Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 1.0% in the first three months of the year, the Commerce Department said Thursday. It was the first time economic output contracted since the first quarter of 2011, when it declined at a 1.3% pace.

Government economists had previously estimated GDP slowed to a 0.1% growth rate in the first quarter as harsh winter weather disrupted work sites, curtailed foot traffic at retail stores and snarled transportation networks across much of the U.S. The newly revised estimate incorporates additional economic data released in recent weeks. Higher-than-expected imports and slower-than-expected inventory growth dragged the economy into negative territory.

Baldy wrote:

GDP Contracted at 1% Pace in First Quarter

WASHINGTON—The U.S. economy contracted in the first quarter of 2014, the latest stumble for a recovery that has struggled to find its footing since the recession ended almost five years ago.

Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 1.0% in the first three months of the year, the Commerce Department said Thursday. It was the first time economic output contracted since the first quarter of 2011, when it declined at a 1.3% pace.

Government economists had previously estimated GDP slowed to a 0.1% growth rate in the first quarter as harsh winter weather disrupted work sites, curtailed foot traffic at retail stores and snarled transportation networks across much of the U.S. The newly revised estimate incorporates additional economic data released in recent weeks. Higher-than-expected imports and slower-than-expected inventory growth dragged the economy into negative territory.

Baldy wrote:

GDP Contracted at 1% Pace in First Quarter

WASHINGTON—The U.S. economy contracted in the first quarter of 2014, the latest stumble for a recovery that has struggled to find its footing since the recession ended almost five years ago.

Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 1.0% in the first three months of the year, the Commerce Department said Thursday. It was the first time economic output contracted since the first quarter of 2011, when it declined at a 1.3% pace.

Government economists had previously estimated GDP slowed to a 0.1% growth rate in the first quarter as harsh winter weather disrupted work sites, curtailed foot traffic at retail stores and snarled transportation networks across much of the U.S. The newly revised estimate incorporates additional economic data released in recent weeks. Higher-than-expected imports and slower-than-expected inventory growth dragged the economy into negative territory.

ASUG8 wrote:Give the OMB time to adjust it again over the next few weeks. It will be positive before the dust settles.

The January through March period tends to be the slowest for growth, he noted, and this year, colder than usual weather stunted retail sales, international trade and the housing market.

CID1990 wrote:

Baldy wrote:

GDP Contracted at 1% Pace in First Quarter

WSJ

tabloid garbage



Figured I'd get that out of the way.

OL FU wrote:I may be the oddball here (well don't answer that) but from what I see anecdotally, I do think this one is an anomaly. I don't think we are kicking around at 5% growth but I would be amazed if the second quarter doesn't come in at the soaring 2% we are used to

OL FU wrote:I may be the oddball here (well don't answer that) but from what I see anecdotally, I do think this one is an anomaly. I don't think we are kicking around at 5% growth but I would be amazed if the second quarter doesn't come in at the soaring 2% we are used to

CitadelGrad wrote:

OL FU wrote:I may be the oddball here (well don't answer that) but from what I see anecdotally, I do think this one is an anomaly. I don't think we are kicking around at 5% growth but I would be amazed if the second quarter doesn't come in at the soaring 2% we are used to

All the data that I've been reading for the last 6-9 months makes the 1Q numbers about what one would expect.

OL FU wrote: Serious question. What would you expect for the 2nd quarter?

OL FU wrote:

CitadelGrad wrote:
All the data that I've been reading for the last 6-9 months makes the 1Q numbers about what one would expect.

Serious question. What would you expect for the 2nd quarter?

bluehenbillk wrote:

OL FU wrote: Serious question. What would you expect for the 2nd quarter?

+ 2.5% - 3.5%

CitadelGrad wrote:

bluehenbillk wrote:
+ 2.5% - 3.5%

So you are predicting a Q to Q improvement of 3.5% to 4.5%? And what exactly do you think will be the cause(s) of this astonishingly rapid growth?

Baldy wrote:UPDATE:

US GDP for the 1st quarter has been revised down (big shock) to an actual -2.9%. Was forecast to be -1.8%.

Damn you George W. Bush.

OL FU wrote:

Baldy wrote:UPDATE:

US GDP for the 1st quarter has been revised down (big shock) to an actual -2.9%. Was forecast to be -1.8%.

Damn you George W. Bush.

That was one cold winter

Cap'n Cat wrote:It's Congress, girls. Not Obama, not Bush.

CID1990 wrote:

Cap'n Cat wrote:It's Congress, girls. Not Obama, not Bush.

It's those uncompromising tea baggers

Growth has now been lowered 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. The difference between the second and third estimates was the largest on records going back to 1976.