GDP Falls by 2.9% in Q1 14

The revised first quarter figures also released today show that the start of this year wasn't as bad as this thread's title suggests:

During the first quarter, output shrank at a rate of 2.1 percent, less than had been previously reported, according to the Commerce Department’s newly revised G.D.P. figures, also released on Wednesday. The department had earlier said first-quarter output decreased 2.9 percent.

Also . . . .



Six years into this administration, and President Obama still sucks at destroying our economy. I mean, what is this?

Of course, it took President Bush seven years to put us into the deepest hole since the Great Depression, so I suppose Obama's still got time.

Great article.

On a lighter note... Gas prices went from $3.18/gal to $3.65/gal today

Where do you obtain facts? Consider changing.

That's not the question that I asked. He told the LVA folks incorrect information regarding last quarter's economic "shrinkage". Instead of admitting that the news was not good, I chose to not address the situation. Is anyone surprised?

Well of course! And if Chilcoot hadn't beat you to it, I'm SURE you would have started a thread highlighting the 4% Q2 growth.

Oh god, sometimes I crack myself up.

We'll see if today's number holds up. Can't forget that the initial reports can be revised. They just revised last month's Q1 report upwards from -2.9% to -2.1%, and were way off with the very first Q1 estimate.

4.0% growth for Q2 will be fantastic for America, if it holds. And awful for the jerks who've spent the past 5.5 years rooting for America to fail.

I considered starting a thread on it, but there's no reason to as soon after the data release this one was updated. Imagine that. Q2 is an outlier too. It's a healthy rebound....likely due to pent up demand from Q1 weather conditions.

As I've already predicted this jump in GDP in yet another thread, I didn't really see the point in tooting my own horn...but thanks for pointing that out anyway....I'll just go ahead and say it again..AlanLeroyII accurately predicted a nice rebound in Q2 GDP growth. Thanks for highlighting that for me.

And I'll add that the further major revision to Q1 GDP continues to justify my original non partisan post pointing out the enormous adjustment and unexpectedly large decline in GDP being reported...apparently inaccurately. Do those rubes over at BEA ever get their estimates right?

I looked at the prices that Kroger posted about a mile away from where I work.

I don't believe you.

Which Kroger recently increased its gas prices from $3.18/gal to $3.65/gal in one day?