GDP grows at 4% in Q2

[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;

[ASUG8]

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.

[Grizalltheway]

Thanks Obama!




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.

Not to worry, there will be bumping, for better of worse.

[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.

[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.

[CitadelGrad]

Cheap credit > inventory accumulation > inventory liquidation > higher GDP growth.

It's a never-ending cycle of bullshit.

[Ivytalk]

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.

[Baldy]

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.

[Grizalltheway]

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.

[Grizalltheway]

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.

[CitadelGrad]

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.

[Baldy]

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.

[ASUG8]

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.

[Skjellyfetti]

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?

[Ivytalk]

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...

[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.

[LeadBolt]

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...

[CitadelGrad]

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.