GDP Falls by 2.9% in Q1 14

More disappointment for the Hate America Club.



Link



Yep, as the Hate America Club has said would happen, we're basically Greece now (if Greece was a stable growing economy nearing full employment with low overall taxes and years of shrinking deficits under its belt).

Chilcoot - I am patiently waiting for a response from the "usual suspects" concerning your latest post on this thread.

Of course, we will have to wait until the "usual suspects" watch a full evening of Faux dunderheads and blonde in a bottle hosts spout their usual lies and Repub talking points. And don't forget the AM radio hatemongers with their 'I hate Obama' agenda.

Once the sheep get their marching orders from their aforementioned media gods, then we can expect the usual BS spin from them.

marcisdave neglected to mention the Koch Brothers. [pronounced "Coke"]

DonDiego is disappointed.

No revision isn't very interesting. Q1 15 will be interesting. I think Q1 15 was worse for weather than Q1 14 where we saw a startling drop in GDP...So...Will we see a like weather related drop in GDP in Q1 15? Somehow I don't think so....so we probably will.

Other big forces in play: Strong dollar = negative impact on net exports. Oil price slump = boon for consumers and businesses that are big users of energy....especially transportation and shipping. I think it's positive for Government budgets too...Higher gasoline tax revenue and lower fleet expenses. Then there's the other side...Low Oil Prices = US Shale Oil investment dries up.

Extraction of shale oil is more complex and, hence, more expensive. And it's all pretty much been financed by bond-debt some of which has already defaulted. Because of the financial difficulties interest rates for shale-oil company bonds are rising and it is becoming more difficult to just sell additional shares to raise funds, because the stock prices have already fallen.
So, indeed, the layoffs and bankruptcies have begun.
Ref: Forbes

As for 2015Q1, estimates are being lowered. "At least one first-quarter tracking estimate is already close to zero. The Federal Reserve Bank of Atlanta on Wednesday put its gauge at 0.2%, down from its earlier estimate of 0.3%."
Ref: blogs.wsj

Indeed. That Keystone pipeline is looking and less and less like a job boomer each day.

******quote***
Morgan Stanley economists lowered their estimate for first-quarter growth to an annualized 0.9% from an earlier forecast of 1.2%, pointing to light inventories and lower capital goods exports as weighing on GDP. They said other factors, including severe winter weather and the West Coast ports slowdown, also could weigh on GDP.

Economists at Barclays lowered their projection a tenth of a percentage point to 1.2%. The forecasting firm Macroeconomic Advisers also trimmed its estimate down to 1.2% from 1.5% before Wednesday. Both cited, among other factors, worries that the drop in shipments last month foretells a decline in first-quarter equipment investment.

J.P. Morgan Chase economists lowered their first-quarter forecast to an annualized 1.5%, from 2%, saying a decline in investment by oil companies — the result of the plunge in oil prices — could offset the lift from higher consumer spending.
***endquote***
Ref: Wall Street Journal

Maybe the Keystone Pipeline construction would've kept the employment and GDP numbers just a mite higher for a little longer.
Can pjstroh refresh DonDiego's memory? Why should one oppose the Keystone pipeline again?

So, what's up in Year Seven of Emperor barry HUSSEIN obama's attack on the American economy?



Yep, WE KNEW IT!!!



Gov. Mitt Romney and his supporters told us that America couldn't take another four years of that MOOSLIM Obamanation, and there's our proof!!!

Oh sweet, sweet Willard and Jesus and Baby Reagan, FORGIVE US!!!

Alright, back to my icy creamy! Nom nom nom!

Where does PJ suggest that our refiners buy the sour crude that they require? Mexico? Possibly Venezuela?

GDP growth in Q1 was a dismal .2%. Go Obamanomics!