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BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - EagleRockCafe - 06-25-2014 08:23 AM
![[Image: x5w6wy.jpg]](http://i62.tinypic.com/x5w6wy.jpg)
Obamanomics. What a great leader......
Quote: WASHINGTON — The U.S. economy contracted at a worse pace than previously estimated in the first quarter, marking its sharpest pullback since the recession ended 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 2.9% in the first three months of the year, according to the Commerce Department’s third reading released Wednesday. That was the fastest rate of decline since the first quarter of 2009, when output fell 5.9%.
Commerce had previously estimated output fell by 1% in the first quarter as manufacturers drew down inventories rather than produce new goods and as unusually harsh weather kept consumers at home and shut down work sites. Exports also declined after a surge late last year.
In its third GDP reading, based on newly available data, Commerce said first-quarter consumer spending and exports were even weaker than previously estimated.
Economists surveyed by The Wall Street Journal had predicted Wednesday’s report would revise GDP growth down to a 2% decline.
The economy’s first-quarter stumble has once again dashed hopes the recovery was in the process of switching into a higher gear. Early second-quarter data indicates the economy has improved this spring as warmer weather helped release some pent-up demand. Macroeconomic Advisers recently forecast the economy will grow at a 3.6% annual rate in the April to June period.
http://online.wsj.com/articles/u-s-gdp-contracted-at-2-9-pace-in-first-quarter-1403699600
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - MonarchManiac - 06-25-2014 08:32 AM
YIPPIE!!!!!
HOPE AND CHANGE!
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - QuestionSocratic - 06-25-2014 08:35 AM
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."
Friedrich August von Hayek
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - LSU04_08 - 06-25-2014 08:40 AM
*Bullpoop it went up and you are all liars that don't know anything about anything about the links from uncredible sources that show anything about nothing and twist it to turn it into something hateful because you all hate obama and that's why you hope for this economy to fail. LIBRULS! WE DO IT RITE! CONSERTAVIVES SCUK AND HATE!
*In before Redwingtom
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - DrTorch - 06-25-2014 08:41 AM
When the 1Q results were first announced, they were accompanied by statements saying inventories were growing as well, also suggesting a slowdown in the economy.
Since that time, we've also seen that housing sales are down (although there are contradictory messages re: new homes).
Employment in the private sector is at the lowest rate it's been in decades.
Finally, economic growth is slowing down world wide.
Given these (and who knows what's really being fudged) I don't see how the economy is supposed to grow.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - SumOfAllFears - 06-25-2014 08:42 AM
Of course, it is republicans fault... Americans don't want Obama to fail. Obama wants Americans to fail
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - CardFan1 - 06-25-2014 08:44 AM
Yep, that Global warming kept people home all winter and early spring so They couldn't buy anything.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - DrTorch - 06-25-2014 08:45 AM
(06-25-2014 08:44 AM)CardFan1 Wrote: Yep, that Global warming kept people home all winter and early spring so They couldn't buy anything.
That does make me chuckle.
"Weather is cold, guess I won't buy anything."
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - Smaug - 06-25-2014 09:45 AM
W's fault.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - LSU04_08 - 06-25-2014 09:47 AM
(06-25-2014 09:45 AM)Smaug Wrote: W's fault.
UGH! I wanted to blame the other GW this time. Guess Bush'll do.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - GoApps70 - 06-25-2014 09:57 AM
I love to read the crap we all write.
Makes my day.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - LSU04_08 - 06-25-2014 09:59 AM
(06-25-2014 09:57 AM)GoApps70 Wrote: I love to read the crap we all write.
Makes my day.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - Smaug - 06-25-2014 10:26 AM
(06-25-2014 09:47 AM)LSU04_08 Wrote:(06-25-2014 09:45 AM)Smaug Wrote: W's fault.
UGH! I wanted to blame the other GW this time. Guess Bush'll do.
Washington? He owned slaves, you know.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - LSU04_08 - 06-25-2014 10:29 AM
(06-25-2014 10:26 AM)Smaug Wrote:(06-25-2014 09:47 AM)LSU04_08 Wrote:(06-25-2014 09:45 AM)Smaug Wrote: W's fault.
UGH! I wanted to blame the other GW this time. Guess Bush'll do.
Washington? He owned slaves, you know.
Nah, Global Warming, he's such a nuisance.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - Stick4489 - 06-25-2014 10:33 AM
The Economy only opposes Obama because he is black.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - TheDancinMonarch - 06-25-2014 10:38 AM
(06-25-2014 10:33 AM)Stick4489 Wrote: The Economy only opposes Obama because he is black.
If that were true then we would be "in the black", which would be good, economically.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - usmbacker - 06-25-2014 11:56 AM
Where are the board Libs who preached on here not long ago about how great the economy was doing ? Come on boys, preach it some more.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - EagleX - 06-25-2014 12:00 PM
REPUBLICAN CONSPIRACY THEORY !!
![[Image: 1hxp9w.jpg]](http://i59.tinypic.com/1hxp9w.jpg)
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - DrTorch - 06-25-2014 12:02 PM
(06-25-2014 11:56 AM)usmbacker Wrote: Where are the board Libs who preached on here not long ago about how great the economy was doing ? Come on boys, preach it some more.
Just need to get that consumer confidence back up.
RE: BREAKING: First Quarter GDP Shrinks By 2.9%, Worst Pullback In 5 Years… - TheDancinMonarch - 06-25-2014 12:03 PM
(06-25-2014 12:00 PM)EagleX Wrote:
Opie was out of lies and had to be replaced.