-1.0%

[Baldy]

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]

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

[CID1990]

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.

WSJ

tabloid garbage



Figured I'd get that out of the way.

[Ibanez]

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.

This is because all those traitorous, inbreeding conk fucks weren't working as hard as they should have been.




Dback, did I get that right?

[AZGrizFan]

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

[Pwns]

It's the fault of climate change.

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.

http://money.cnn.com/2014/05/29/investi ... ?hpt=hp_t2" onclick="window.open(this.href);return false;

[Ivytalk]

GDP Contracted at 1% Pace in First Quarter

WSJ

tabloid garbage



Figured I'd get that out of the way.

You were expecting maybe Glenn Greenwald?

[OL FU]

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

[YoUDeeMan]

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

I'm doing my best to stimulate the economy...we're putting an addition on our house as I type.

I was going to wait until the Obama administration was out of office, so it would not make him look good...but the clown doesn't look as if he is stepping down anytime soon.

[CitadelGrad]

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]

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.

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

[bluehenbillk]

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

+ 2.5% - 3.5%

[CitadelGrad]

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?

I would say somewhere in the range of 0% to 1.5%, probably toward the lower end of the range. That will be enough to keep us out of a technical recession (or give Obama another lame excuse to talk about economic recovery). Either way, it won't be enough to create any significant permanent job growth. Of course, we haven't had a GDP growth rate that could do that in a very very long time.

Really, if you factor out the immediate effects of QE, we've been in a pretty deep recession since 2008.

[CitadelGrad]

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

+ 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]

+ 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?

Someone will put their thumb on the scale. It will then be revised DOWN a month later in the dark of night.

[Baldy]

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]

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

[GannonFan]

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

Yup, it's all because it got cold. And George Bush. And Republican House of Representatives. And Sodomy.

[Cap'n Cat]

It's Congress, girls. Not Obama, not Bush.

[CID1990]

It's Congress, girls. Not Obama, not Bush.

It's those uncompromising tea baggers

[AZGrizFan]

Obama just read about it in the newspaper. He's pissed. Heads will roll...

[OL FU]

It's Congress, girls. Not Obama, not Bush.

It's those uncompromising tea baggers

Bastages aren't appropriatin' enough. We should be spending 5 Trillion a year, then we would have some stimulatin' goin' on.

[Cap'n Cat]

Regardless, Cheney should be in jail.

[CitadelGrad]

Cold winter, my ass.

Now isn't this interesting?

[CAA Flagship]

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.

http://news.yahoo.com/u-economy-contrac ... iness.html" onclick="window.open(this.href);return false;