UPDATE 5/30/204 Economy Revised DOWNWARD. NOW US economy DROPPED to MINUS 1 percent "growth" in Q1.

Looks like BOARDS OF FL has to eat crow...AGAIN.



The frigid winter had already been factored into the estimates for Q1 which were dismal at about 1.2 percent.  It came in even worse.

US economy slowed to 0.1 percent growth rate in Q1
Apr 30, 9:38 AM (ET)

By MARTIN CRUTSINGE

WASHINGTON (AP) — The U.S. economy slowed drastically in the first three months of the year as a harsh winter exacted a toll on business activity. The slowdown, while worse than expected, is likely to be temporary as growth rebounds with warmer weather.

Growth slowed to a barely discernible 0.1 percent annual rate in the January-March quarter, the Commerce Department said Wednesday. That was the weakest pace since the end of 2012 and was down from a 2.6 percent rate in the previous quarter.

Many economists said the government's first estimate of growth in the January-March quarter was skewed by weak figures early in the quarter. They noted that several sectors — from retail sales to manufacturing output — rebounded in March. That strength should provide momentum for the rest of the year.

Read more:  http://apnews.myway.com/article/20140430/us-economy-gdp-09b1567225.html

Strange...total silence from our usually loud, outspoken good friends the Progressives.  



They have nothing to say because this fiasco is indefensible.

You're actually a day late. I already created a thread about these numbers. There goes your silence argument.

https://pensacoladiscussion.forumotion.com/t14235-jobs-and-gdp-reports-a-mixed-bag

boards of FL wrote:You're actually a day late.  I already created a thread about these numbers.  There goes your silence argument.

https://pensacoladiscussion.forumotion.com/t14235-jobs-and-gdp-reports-a-mixed-bag

Choosing a headline of "It's a mixed bag" is FAR different that putting up front how BAD our economy is doing with a 0.1% growth rate when, in spite of the bad weather, a growth rate of 1.5% was expected.

Then we have nearly A MILLION WORKERS quit looking for jobs. This isn't a "mixed bag" this is a catastrophe.

Markle wrote:

boards of FL wrote:You're actually a day late.  I already created a thread about these numbers.  There goes your silence argument.

https://pensacoladiscussion.forumotion.com/t14235-jobs-and-gdp-reports-a-mixed-bag

Choosing a headline of "It's a mixed bag" is FAR different that putting up front how BAD our economy is doing with a 0.1% growth rate when, in spite of the bad weather, a growth rate of 1.5% was expected.

Then we have nearly A MILLION WORKERS quit looking for jobs.  This isn't a "mixed bag" this is a catastrophe.

Catastrophe? We're not even in a recession. I'm not sure if you realize this, but when the headline states that the economy expanded at a rate of 0.1%. that means that economic expansion occurred - and in spite of an unusually cold winter. Is the number less than expected? Sure. Does it denote a catastrophe? Absolutely not. Particularly when you take into account the fact that the economy added 288,000 jobs in April (hence the mixed bag).

The fed acknowledges all of this and is continuing to unwind its expansionary policy as a result. I'm no expert historian on Fed policy, but I suspect the catastrophic economic disturbances usually do not call for the unwinding of expansionary policy.

ZVUGKTUBM wrote:Markle and PaceDog are so desperate to see President Obama fail, that they relish and gloat over downward revision of economic numbers.

It is almost as if they wish for the failure of the economy and increased suffering of people, just to prove their political points.

Z, that's why Tea Party Patriots is the oxymoron of the decade! They celebrate anything negative . . .

Fifty months of expansion.......no recession since the president pulled this country out of the second great depression, and traitors applaud economic slow growth........silly, and most people have figured out who is working for this country and who is not working for this country.

The truth is the economy is a win for the president.....the ACA is a huge win for the president........bringing our troops home and winding down foreign wars is a huge win for the president.......and this frantic flailing around about Benghazi and where the president was that night when photos have been in evidence at the prior hearings that he was at the White House is almost becoming comical if it was not so goulish collecting money on dead americans.

2seaoat wrote:Fifty months of expansion.......no recession since the president pulled this country out of the second great depression, and traitors applaud economic slow growth........silly, and most people have figured out who is working for this country and who is not working for this country.

The truth is the economy is a win for the president.....the ACA is a huge win for the president........bringing our troops home and winding down foreign wars is a huge win for the president.......and this frantic flailing around about Benghazi and where the president was that night when photos have been in evidence at the prior hearings that he was at the White House is almost becoming comical if it was not so goulish collecting money on dead americans.

AMEN Mr. Oats . . . . AMEN

Economy Shrinks 1% in First Quarter

The Bureau of Economic Analysis released its revised assessment of the first quarter of 2014's Gross Domestic Product and revised it down to -1%. The initial assessment said the economy had at least grown, but only by .01%.

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 1.0 percent in the first quarter according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.

If the economy shrinks again in the second quarter, America is officially in a recession.

Read more: http://bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

0.1 is growth? Really? Are you that desperate tp spin his failures?



 

Obama has done all the work for us on showing how to fail. His arrogance and agenda of fundamentally changing America into a lesser nation are on the front burner unfortunately.

ZVUGKTUBM wrote:Markle and PaceDog are so desperate to see President Obama fail, that they relish and gloat over downward revision of economic numbers.

It is almost as if they wish for the failure of the economy and increased suffering of people, just to prove their political points.

I think "almost" might be a stretch.

It definitely isn't a good report, and it also definitely isn't the end of the world considering how many stead quarters of expansion we have had over the last several years. I have read that everything is to blame from weather to plummeting inventories. We will see what happens with the third and final estimate.

All this said, I want to point out the fact that I accept this report for what it is. It is an objective measure of the economy - a data point. It is a measure of objective reality. This is the case weather I like it or not.

We can't say the same for the Markles and the PACEDOG's. For them, today, this is a valid report that measures objective reality. For every other quarter over the last several years...MASSIVE CONSPIRACY!!!!111 GOVERNMENT COOKING THE BOOKS!!!11 THIS ISN'T REAL!!!11 ONLY FOOLS BELIEVE NUMBERS THAT COME FROM THE BEA!!!111

BENGHAZI!!!!!!!!!11111

boards of FL wrote:It definitely isn't a good report, and it also definitely isn't the end of the world considering how many stead quarters of expansion we have had over the last several years.  I have read that everything is to blame from weather to plummeting inventories.  We will see what happens with the third and final estimate.

All this said, I want to point out the fact that I accept this report for what it is.  It is an objective measure of the economy - a data point.  It is a measure of objective reality.  This is the case weather I like it or not.

We can't say the same for the Markles and the PACEDOG's.  For them, today, this is a valid report that measures objective reality.  For every other quarter over the last several years...MASSIVE CONSPIRACY!!!!111 GOVERNMENT COOKING THE BOOKS!!!11  THIS ISN'T REAL!!!11 ONLY FOOLS BELIEVE NUMBERS THAT COME FROM THE BEA!!!111

BENGHAZI!!!!!!!!!11111

Yes.....          

http://ourfuture.org/20131017/republicans-have-done-real-damage-to-the-economy

Republicans Have Done Real Damage to the Economy

(Dave Johnson)

OCTOBER 17, 2013

"Republicans believe that a bad economy works for them at election time. The thinking is that the public will turn on Democrats for not making things better. So they do what they can to make the economy bad. But maybe they went too far this time. This hostage-taking episode has done real, serious, lasting damage to the economy on top of the ongoing damage Republicans have been doing. Will the public still blame Democrats, or will they finally see what is going on here?

The Damage Last Time

Look what happened the last time (2011) Republicans threatened to force the country to default on its debts.

The 2011 hostage-taking hit jobs. In Debt-Ceiling Deja Vu Could Sink Economy Bloomberg reported that, “Growth in nonfarm payrolls decelerated to an average 88,000 a month during the three months of the debt-ceiling impasse, compared with an average of 176,000 in the first five months of 2011.” Consumer confidence plunged to a 31-year low. The Conference Board’s consumer confidence index fell from 59.2 to 44.5.

In November, 2012, the Bipartisan Policy Center released a “Debt Limit Analysis” estimating the costs of the 2011 hostage-taking:

The Government Accountability Office (GAO) issued a report detailing additional costs to taxpayers as a result of the 2011 debt limit increase

A substantial cost to taxpayers stemmed from elevated interest rates on U.S. securities issued in 2011 prior to when the debt limit was increased in August
GAO conducted an economic analysis to estimate the resulting change in interest rates
For Fiscal Year 2011, GAO estimated additional interest costs to taxpayers of $1.3 billion
The cost of the event to the federal government, however, continues to accrue because many of the bonds issued during that period remain outstanding

BPC extended GAO’s methodology to analyze the long-term cost to taxpayers stemming from the elevated interest rates
Estimate of the ten-year cost to taxpayers of the 2011 debt limit standoff = $18.9 billion
To put this in perspective, the Congressional Budget Office (CBO) estimates that the “Doc Fix” to prevent the scheduled 27% cut to Medicare physician payments for 2012 cost $18 billion over ten years
That is serious damage. And, of course, the 2011 fight resulted in a downgrading of the US credit rating.

(See also: Think Progress, CHARTS: How The Debt Ceiling Debacle Hurt The Economy)

The Damage This Time

In this hostage fight the immediate damage is much worse than 2011. Consumer confidence, for example, has plunged even more dramatically than during the last debt-ceiling hostage-taking. But these measurements were taken only a week into the fight.

Standard & Poor’s ratings agency has done some early calculations of the damage and says, “the shutdown has shaved at least 0.6% off of annualized fourth-quarter 2013 GDP growth, or taken $24 billion out of the economy.” Note the words “at least.” This is an early estimate and does not count direct costs to government and costs to government contractors.

The NY Times today summarizes some of the damage from this hostage-taking, in Gridlock Has Cost U.S. Billions, and the Meter Is Still Running,

Containers of goods idling at ports. Reduced sales at sandwich shops in downtown Washington. Canceled vacations to national parks and to destinations abroad. Reduced corporate earnings forecasts. Higher interest payments on short-term debt.

Even with the shutdown of the United States government and the threat of a default coming to an end, the cost of Congress’s gridlock has already run well into the billions, economists estimate. And the total will continue to grow even after the shutdown ends, partly because of uncertainty about whether lawmakers might reach another deadlock early next year.

One example of the damage from this fight – just one,

Residential real estate, which has been one of the brightest points of the recovery, suffered. An index of sentiment among home builders fell in October from a month earlier, according to data released on Wednesday from the National Association of Home Builders. The decline was greater than analysts had expected. One cause for the decline is that the approval process for government-backed mortgages has slowed with the shutdown..."

(probably should have posted the whole thing, but some people here can't read and others can't comprehend).

One more excerpt from the article:

The 2013 job-loss from the sequester cuts is estimated at only 800,000 jobs, but the 2014 job loss is estimated to be 1.6 million.

----------------------------

Floridatexan wrote:One more excerpt from the article:

The 2013 job-loss from the sequester cuts is estimated at only 800,000 jobs, but the 2014 job loss is estimated to be 1.6 million.

----------------------------

I think you forgot that Dems controlled WH and Congress until 2010 when many were tossed on their ears by voters. More to come this fall...

KarlRove wrote:

Floridatexan wrote:One more excerpt from the article:

The 2013 job-loss from the sequester cuts is estimated at only 800,000 jobs, but the 2014 job loss is estimated to be 1.6 million.

----------------------------

I think you forgot that Dems controlled WH and Congress until 2010 when many were tossed on their ears by voters. More to come this fall...

Dream on soldier boy. No one's buying the astroturf this year.

Really? So the Dems did not control the Senate, HoR, and WH from 2008 until 2010? How the heck did Obamacare get passed then? Lol.

Now with constant scandals running all the way up to and through the 2014 elections, it will be shocking to see any Dems win or keep their seats except in the most gerrymandered districts ever.

Floridatexan wrote:One more excerpt from the article:

The 2013 job-loss from the sequester cuts is estimated at only 800,000 jobs, but the 2014 job loss is estimated to be 1.6 million.

----------------------------

As you know, there were no job cuts from the Sequester. People in government who were furloughed, got paid for the time they lost.

You also need to become real and see all the bills have to do with the economy held up by the senile Senate Majority Leader Harry Reid.

Even reasonable Democrats are bailing on President Barack Hussein Obama.

boards of FL wrote:

Markle wrote:

boards of FL wrote:You're actually a day late.  I already created a thread about these numbers.  There goes your silence argument.

https://pensacoladiscussion.forumotion.com/t14235-jobs-and-gdp-reports-a-mixed-bag

Choosing a headline of "It's a mixed bag" is FAR different that putting up front how BAD our economy is doing with a 0.1% growth rate when, in spite of the bad weather, a growth rate of 1.5% was expected.

Then we have nearly A MILLION WORKERS quit looking for jobs.  This isn't a "mixed bag" this is a catastrophe.

Catastrophe?  We're not even in a recession.  I'm not sure if you realize this, but when the headline states that the economy expanded at a rate of 0.1%. that means that economic expansion occurred - and in spite of an unusually cold winter.  Is the number less than expected?  Sure.  Does it denote a catastrophe?  Absolutely not.  Particularly when you take into account the fact that the economy added 288,000 jobs in April (hence the mixed bag).  

The fed acknowledges all of this and is continuing to unwind its expansionary policy as a result.  I'm no expert historian on Fed policy, but I suspect the catastrophic economic disturbances usually do not call for the unwinding of expansionary policy.  

really, a mixed bag? 0.1% and you're calling that a expansion lol you really are digging deep for that. You must be laughing to yourself as you type that out.

Facts are all of this is connected and planned.

All the new regulations, laws and taxes/fees are forcing our countries pay scale lower. Expect to see this problem expand over the coming years unless someone slaps us all back out of socialism.

Floridatexan wrote:
http://ourfuture.org/20131017/republicans-have-done-real-damage-to-the-economy

Republicans Have Done Real Damage to the Economy

(Dave Johnson)

OCTOBER 17, 2013

"Republicans believe that a bad economy works for them at election time. The thinking is that the public will turn on Democrats for not making things better. So they do what they can to make the economy bad. But maybe they went too far this time. This hostage-taking episode has done real, serious, lasting damage to the economy on top of the ongoing damage Republicans have been doing. Will the public still blame Democrats, or will they finally see what is going on here?

The Damage Last Time

Look what happened the last time (2011) Republicans threatened to force the country to default on its debts.


[...]

(probably should have posted the whole thing, but some people here can't read and others can't comprehend).

When the very first line of an opinion piece, from a far left Progressive website is a blatant lie, there remains no reason to go further.

By the way, this is 2014, not 2011 or 2013. But I FEEL your desperation!