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GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 7:37 am
by Grizalltheway
Thanks Obama!
(Reuters) - U.S. economic growth accelerated more than expected in the second quarter and the decline in output in the prior period was less steep than previously reported, bolstering views for a stronger performance in the last six months of the year.
Gross domestic product expanded at a 4.0 percent annual rate as activity picked up broadly after shrinking at a revised 2.1 percent pace in the first quarter, the Commerce Department said on Wednesday.
That pushed GDP above the economy's potential growth trend, which analysts put somewhere between a 2 percent and 2.5 percent pace. Economists had forecast the economy growing at a 3.0 percent rate in the second quarter after a previously reported 2.9 percent contraction.
http://www.reuters.com/article/2014/07/ ... 9P20140730" onclick="window.open(this.href);return false;
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 7:40 am
by ASUG8
Grizalltheway wrote:Thanks Obama!
(Reuters) - U.S. economic growth accelerated more than expected in the second quarter and the decline in output in the prior period was less steep than previously reported, bolstering views for a stronger performance in the last six months of the year.
Gross domestic product expanded at a 4.0 percent annual rate as activity picked up broadly after shrinking at a revised 2.1 percent pace in the first quarter, the Commerce Department said on Wednesday.
That pushed GDP above the economy's potential growth trend, which analysts put somewhere between a 2 percent and 2.5 percent pace. Economists had forecast the economy growing at a 3.0 percent rate in the second quarter after a previously reported 2.9 percent contraction.
http://www.reuters.com/article/2014/07/ ... 9P20140730" onclick="window.open(this.href);return false;
Settle down, Beavis. You know these numbers are written in sand.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 7:47 am
by Grizalltheway
ASUG8 wrote:
Settle down, Beavis. You know these numbers are written in sand.
Not to worry, there will be bumping, for better of worse.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 7:54 am
by AZGrizFan
Love how when the GDP in 1st quarter was a -2.5% it was the weather's fault, and now the +4% is Obama's genius at work.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 8:04 am
by ASUG8
I tend to blame/credit the business cycle for the majority of change regardless of who's in office. Economic policy normally takes years to show results.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 10:20 am
by CitadelGrad
Cheap credit > inventory accumulation > inventory liquidation > higher GDP growth.
It's a never-ending cycle of bullshit.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 10:41 am
by Ivytalk
CitadelGrad wrote:Cheap credit > inventory accumulation > inventory liquidation > higher GDP growth.
It's a never-ending cycle of bullshit.
You should be on the Council of Economic Advisors.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 12:10 pm
by Baldy
AZGrizFan wrote:Love how when the GDP in 1st quarter was a
-2.9% it was the weather's fault, and now the +4% is Obama's genius at work.
FIFY
It almost certainly couldn't have gotten any worse.
At the end of the day...big picture. Growth for 2014 is 1.1%.
Very Obamalike...very poor.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 12:13 pm
by Grizalltheway
CitadelGrad wrote:Cheap credit > inventory accumulation > inventory liquidation > higher GDP growth.
It's a never-ending cycle of bullshit.
It's economics. No need to be redundant.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 12:50 pm
by Grizalltheway
Baldy wrote:AZGrizFan wrote:Love how when the GDP in 1st quarter was a
-2.9% it was the weather's fault, and now the +4% is Obama's genius at work.
FIFY
It almost certainly couldn't have gotten any worse.
At the end of the day...
big picture. Growth for 2014 is 1.1%.
Very Obamalike...very poor.
Indeed.
"Today's report shows greater near-term healing and momentum, reducing the downside risks and leaving us comfortable with our forecast for above 3.0 percent growth through next year," said Michelle Meyer, a senior economist at Bank of America Merrill Lynch in New York.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 12:53 pm
by CitadelGrad
Grizalltheway wrote:Baldy wrote:
FIFY
It almost certainly couldn't have gotten any worse.
At the end of the day...
big picture. Growth for 2014 is 1.1%.
Very Obamalike...very poor.
Indeed.
"Today's report shows greater near-term healing and momentum, reducing the downside risks and leaving us comfortable with our forecast for above 3.0 percent growth through next year," said Michelle Meyer, a senior economist at Bank of America Merrill Lynch in New York.
The truth would scare the shit out of investors. Gotta keep the pump going before the dump.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 1:09 pm
by Baldy
Grizalltheway wrote:Baldy wrote:
FIFY
It almost certainly couldn't have gotten any worse.
At the end of the day...
big picture. Growth for 2014 is 1.1%.
Very Obamalike...very poor.
Indeed.
"Today's report shows greater near-term healing and momentum, reducing the downside risks and leaving us comfortable with our forecast for above 3.0 percent growth through next year," said Michelle Meyer, a senior economist at Bank of America Merrill Lynch in New York.
They have been saying almost the same exact shit for 6+ years now.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 1:12 pm
by ASUG8
Baldy wrote:Grizalltheway wrote:
Indeed.
They have been saying almost the same exact shit for 6+ years now.
Economists and hitters are the only ones that can be right a third of the time and make it to the Hall of Fame.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 1:19 pm
by Skjellyfetti
Baldy wrote:AZGrizFan wrote:Love how when the GDP in 1st quarter was a
-2.9% it was the weather's fault, and now the +4% is Obama's genius at work.
FIFY
It almost certainly couldn't have gotten any worse.
At the end of the day...big picture. Growth for 2014 is 1.1%.
Very Obamalike...very poor.
Meh. 1st quater was revised to -2.1%.
So, that means at 1.9% growth YTD.
Healthy GDP growth is between 2% and 3%.
Seems a pretty safe bet that GDP for the year ends up over 2%. Do you disagree. Want to wager?
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 1:41 pm
by Ivytalk
Skjellyfetti wrote:Baldy wrote:
FIFY
It almost certainly couldn't have gotten any worse.
At the end of the day...big picture. Growth for 2014 is 1.1%.
Very Obamalike...very poor.
Meh. 1st quater was revised to -2.1%.
So, that means at 1.9% growth YTD.
Healthy GDP growth is between 2% and 3%.
Seems a pretty safe bet that GDP for the year ends up over 2%. Do you disagree.
Want to wager?
Looks line the Badass from Banner Elk wants to win 20 bucks...
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 1:43 pm
by CitadelGrad
In what sense is 2-3% GDP growth healthy? That kind of GDP growth can't reduce unemployment.
Of course the published GDP will be above 2%. The Dems have an election coming up.
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 1:57 pm
by LeadBolt
Skjellyfetti wrote:Baldy wrote:
FIFY
It almost certainly couldn't have gotten any worse.
At the end of the day...big picture. Growth for 2014 is 1.1%.
Very Obamalike...very poor.
Meh. 1st quater was revised to -2.1%.
So, that means at 1.9% growth YTD.
Healthy GDP growth is between 2% and 3%.
Seems a pretty safe bet that GDP for the year ends up over 2%. Do you disagree. Want to wager?
Healthy growth is more like 3-5%. I heard the chief economist for the Atlanta Federal Reserve Bank speak last week and he stated that unofficially he felt growth for 2014 would be between 1-2%, but was officially projecting 3% for purposes of job security...
Re: GDP grows at 4% in Q2
Posted: Wed Jul 30, 2014 2:18 pm
by CitadelGrad
LeadBolt wrote:Skjellyfetti wrote:
Meh. 1st quater was revised to -2.1%.
So, that means at 1.9% growth YTD.
Healthy GDP growth is between 2% and 3%.
Seems a pretty safe bet that GDP for the year ends up over 2%. Do you disagree. Want to wager?
Healthy growth is more like 3-5%. I heard the chief economist for the Atlanta Federal Reserve Bank speak last week and he stated that unofficially he felt growth for 2014 would be between 1-2%, but was officially projecting 3% for purposes of job security...
I'm not surprised. The only dissenting votes at the FOMC are from the guys who are near mandatory retirement.