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US economy shrank at
steep 2.9 percent rate in Q1

Associated Press, by Martin Crutsinger

Original Article

Posted By:jond, 6/25/2014 9:23:47 AM

Washington - The U.S. economy shrank at a steep annual rate of 2.9 percent in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago. But the setback is expected to be temporary, with growth rebounding solidly since spring. The first-quarter contraction reported Wednesday by the Commerce Department was even more severe than the 1 percent annual decline it had estimated a month ago. Two-thirds of the downward revision reflected a drop in health care spending. Another factor was a bigger trade deficit than initially estimated.

Comments:
Happy talk, keep talkin´ that happy talk.
Talk about things you´d like to see.

Please split headline properly and post article to word limit as shown. LCom Staff.

      


Post Reply  

Reply 1 - Posted by: M2, 6/25/2014 9:31:27 AM     (No. 9899002)

Obama´s right on track Cloward-Pivening America to its knees, ripening her for collapse.

Is it time to seriously use the I-word yet?

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Reply 2 - Posted by: steveW, 6/25/2014 9:36:54 AM     (No. 9899020)

"Our plan is working" - Dear Leader Barack Hussein

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: horacer, 6/25/2014 9:40:01 AM     (No. 9899030)

I see they´ve trotted out Mark Zandi for his unexpectedly optimistic opinion. Zandi is Tim Geithner´s most drooling sycophant. This is a disaster. You can´t spin it. Durable good orders were down 1.0% in May. That´s second quarter with no snow. You can´t blame weather. Companies aren´t investing. That means hiring will drop off soon, again. So much for the recovery summer of 2014.

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Reply 4 - Posted by: Blackeagle, 6/25/2014 9:41:57 AM     (No. 9899032)

Analyst are blaming the miss on healthcare spending.

Obamanauts had thought the ACA would increase access to healthcare and thus increase spending in the area.

Oops. Turns out that the huge deductibles means for many (even those getting their policies "for free") that they don´t really have health insurance in the recent sense of the term, rather they have only catastrophic coverage.

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Reply 5 - Posted by: JimS, 6/25/2014 9:52:22 AM     (No. 9899048)

It is actually much worse than stated, much like Obama´s fake unemployment percentage (where people out of work >52 weeks are now excluded from the count of unemployed).

Under new measurement criteria that Obama set up with the Census Bureau, R&D spending is now included in GDP. This was never the case before, as R&D was never viewed as GDP.

So, as bad as the numbers as reported are...they are really worse, and being hidden by Obama´s funny math.

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Reply 6 - Posted by: craige, 6/25/2014 10:12:53 AM     (No. 9899084)

A ´sustainable economy´ is an economy that does not grow. At least the tree huggers will be happy...

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Reply 7 - Posted by: luandir, 6/25/2014 10:29:51 AM     (No. 9899128)

Uexpectedly. Te harsh winter was the result of global warming.

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Reply 8 - Posted by: oh-heck, 6/25/2014 10:31:01 AM     (No. 9899133)

The definition of recession is 2 consecutive quarters of economic decline. My guess is that the second quarter numbers were coming out negative. By revising the Q1 data down 1.9 percent, they created an extra 1.9 percent cushion for Q2, The next step will be to report Q2 results at 2.5 pct. This looks like a huge quarter over quarter improvement but means 0.6 pct growth without the revision of Q1. You´ll have confirmation that the numbers are being gamed when the Q2 number is revised downward before the release of Q3 numbers. The Democratic Party will be badly damaged if after having full control of power for 2 years and primary control for another 4, they drive the nation back into a recession.

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Reply 9 - Posted by: nigella, 6/25/2014 10:36:11 AM     (No. 9899147)

It´s -2.9% by the way...

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Reply 10 - Posted by: Mr. Hanky, 6/25/2014 10:38:54 AM     (No. 9899154)

Obviously it was all about the unusually cold winter caused by global warming that ate my homework.
/facepalm

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Reply 11 - Posted by: ida Lou Pino, 6/25/2014 11:49:41 AM     (No. 9899281)

If the AP spun this any faster - - it would dig a hole all the way to China.

Category 5 hurricanes don´t whirl more rapidly than this one.

SHEEEESH!!!

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Reply 12 - Posted by: gusman, 6/25/2014 12:34:23 PM     (No. 9899333)

Take $89 billion of taxpayers money each month out of the equation and you actually have negative growth!!!!

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B-G1


 
Reply 13 - Posted by: uno, 6/25/2014 12:55:22 PM     (No. 9899363)

The Øbamboozler is trying to sell the preposterous idea that the unemployment rate is only 6.3%. That means if the economy were to ever get healthy again, and they used the same metrics, unemployment would jump to -30%

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