U.S. GDP Dropped 2.9% In The First Quarter 2014, Down Sharply From Second Estimate


#1

From Forbes:

The latest data shows the U.S. economy contracted significantly more than previously estimated in the first quarter of this year.

On Wednesday, the Bureau of Economic Analysis released its third and final estimate of real gross domestic product for the first three months of 2014. The release showed output in the U.S. declining at an annual rate of 2.9%. This is relative to fourth quarter 2013, when real GDP grew 2.6%.

The final number is also down from BEA’s negative 1% second estimate released last month, and even more sharply from its first estimate that showed GDP growing 0.1%. While this makes Q1 was the economy’s worst quarter in since the recession, economists were anticipating the further downward revision.

“The bad weather in much of the U.S. in early 2014 was a significant drag on the economy, disrupting production, construction, and shipments, and deterring home and auto sales,” wrote PNC Senior Economist Gus Faucher in a note out prior to the release. “But data show growth rebounding in the second quarter, with improvements in home and auto sales and residential construction.”

Also see CNBC: Bad to worse: US economy shrank more than expected in Q1

Marketwatch: U.S. growth contracted 2.9% in first quarter – Biggest decline in GDP during an economic expansion since 1956

Naturally, this will be spun as “no problem” or “old news” or the like.

They will encourage you to light up a spleef and chill out: “Don’t worry, be happy.”

News flash: economies are supposed to grow, not contract.


#2

Well, the President did say he wanted to be more like France.:shrug::wink:


#3

“Hope and Change” has become, “Buddy, I hope you can spare some change.”

At least something is improving–the presidents golf game.


#4

Fotuitously, we are now experiencing the “summer of recovery”. Or was that 2009? These years are starting to run together! With many thousands of illegal aliens flooding into America daily, and our corrupt government relocating them and their diseases and pathologies throughout the country, it seems that no amount of Obama failure will force people to admit that their votes for Obama were tragic mistakes. :frowning:


#5

Reminds me of the thoughts of that Austrian guy who came to power in the 30s in Germany…I’m just sayin’:shrug:


#6

This sounds like something that would be said out of Southern California…just sayin’.:shrug::wink:


#7

As much as i am loathed to admit it, this downturn is not entirely the president’s fault. The article is correct in stating that the weather has played a significant role in the decrease. Why wife’s uncle, a cow farmer, is usually able to purchase 300+ calf. This year, due to skyrocketing prices, he was able to purchase 30. This is a result of the drought and the spike in feed costs, not just the bad economy.

Could the president be doing more? Absolutely.

Is this downturn entirely his fault? Sadly, no.


#8

FDR was not Austrian, Pal. You are just like every other hard leftist, casting aspersions, and not dealing with the truth of the statement. Why don’t YOU offer to take some into your home?
What Obama and Holder are doing is intentionally overburdening the churches and other charitable institutions beyond their breaking points. Cloward and Piven: Overwhelm the system until it ruptures, then replace it with a new socialist system to equalize everyone in poverty and misery. The man whom Obama taught in college, Saul Alinsky, dedicated his Rules for Radicals, a book about manipulating voters, to Satan. The fact that Obama is actually USING Alinsky’s ploys is purely coincidental, just like the lost e-mails and the illegal alien invasion.
The saddest thing is that people like you search for bizarre analogies so you don’t have to think about Obama’s role in children being raped and murdered on their thousand mile trek. :mad: Rob


#9

PA, I cut Obama little slack after 5 1/2 years. He could build the Keystone Pipeline, and uncap the deep-water oil rigs for starters. No one would ever accept these pathetic excuses from Bush. He could scrap socialized medicine, and lower oppressive business taxes. Rob :blush:


#10

Agreed, but none of those things have an affect on the weather, which was the primary driver of this downturn.

Trust me, you don’t have to try to convince me that the man is a terrible president, terrible businessman, and in general doesn’t really come across as a very good person. that being said, it’s important to recognize the correct cause of any issue, otherwise we are not using our minds, and instead are following the “I hate Obama” party-line. While it’s true that I detest the man, there are plenty of things I can dislike him for that are actually within his control, no need to add the weather on to that list.


#11

I’m sensing a little schadenfreude:frowning:


#12

Sorry I upset you, brother, it was not my intent.

But, rather than being like every other hard leftist, I think I was more speaking like a follower of Christ.

And, I don’t recall saying everyone should take people into their home, what I pointed out was the uncharitable remarks that paints all immigrants (in this case illegal) as spreading disease and “pathology” (whatever the OP meant).

Peace and all Good!


#13

I thought the end of global warming was the one promise he did keep this winter.:wink:


#14

Sir, you are out of your mind as well as racist. these people that come here are not passing anything to people. how about American citizens who are transmitting HIV, hepatitis, and other diseases. These are American citizens why not attack them? Is it because they have your same skin color?


#15

How do you know what color RACJ is?


#16

So your saying is ok for him to talk bad about Hispanics? he didn’t specify that but you know that’s were he or she was headed. All I’m saying is why not tell “American citizens”, you better stop passing sicknesses to others if he is complaining of illegals. To me it sounds like your trying to justify him.


#17

Look to your left and there’s a post that states “Casual Sex is good for you study shows”. The person who posted that sais "don’t people know about STD’s.

I know I sound mean, but I work in EMS a lot of people not just illegals or Hispanics carry diseases. What that comment stated was that illegals were being dispersed by the govt to get people sick.

That’s just paranoia by that person.


#18

The only surprise here is that this news wasn’t released late the afternoon of July 3 when everyone was headed off to, and distracted by, the long holiday weekend. Not that the mainstream media won’t try to spin / bury / shift blame for this.


#19

Glad to see someone has a sense of humor!

You’d love our bumperstickers that say, “Beam me up Scotty, there is NO intelligent life east of Interstate 5”!:smiley:


#20

So a person can’t criticize Obama without being called racist and now
criticizing people crossing our borders illegally makes one a racist too?

I have not read any of RACJ’ s posts that leads me to think he is a racist. I think you throw that word out too easily.


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