2014 2nd Quarter GDP posts a strong 4.0% jump

http://mam.econoday.com/byshoweventfull.asp?fid=461144&cust=mam&year=2014&lid=0&prev=/byweek.asp#top

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm



Terrible, terrible news for GOP supporters.  It appears that conventional economic wisdom which stated that the first quarter slump was simply due to a harsh winter and excess inventory was correct.

Well that's interesting.

Not getting much traction with this thread huh? Probably because this is an estimate, a positive one to be sure, but still just an advance estimate. After the final 1Q GDP decrease of 2.1% I think everyone ought to have a wait and see attitude although surely the advance guess of 4% won't be more .5 or 1% off. Maybe.

"Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 4.0 percent in the second quarter of 2014, according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 2.1 percent (revised).

The Bureau emphasized that the second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3 and "Comparisons of Revisions to GDP" on page 10). The "second" estimate for the second quarter, based on more complete data, will be released on August 28, 2014."

gatorfan wrote:Not getting much traction with this thread huh? Probably because this is an estimate, a positive one to be sure, but still just an advance estimate. After the final 1Q GDP decrease of 2.1% I think everyone ought to have a wait and see attitude although surely the advance guess of 4% won't be more .5 or 1% off. Maybe.

"Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 4.0 percent in the second quarter of 2014, according to the "advance" estimate released by the Bureau of Economic Analysis.  In the first quarter, real GDP decreased 2.1 percent (revised).

The Bureau emphasized that the second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3 and "Comparisons of Revisions to GDP" on page 10).  The "second" estimate for the second quarter, based on more complete data, will be released on August 28, 2014."

Some quotes from the last "advance estimate".

PACEDOG#1 wrote:It's 1937 all over again...

PACEDOG#1 wrote:Carter is somewhere toasting Obama as worst POTUS ever.

Markle wrote:This is a catastrophe.

Bob wrote:If the economy has been broadly expanding since the end of March,  then the 2nd quarter should us a "broadly expanding" increase in the GDP.

I'll be interested to see what that figure is three months from now.  

Then there were those that had a reasonable response...

boards of FL wrote:Definitely not a good report.  Then again, we have had steady expansion since Q1 2011 and also had an actual winter.  The economy can't expand forever.  

http://en.wikipedia.org/wiki/Business_cycle

And even those that were willing to make a prediction of what we should see in the Q2 advance estimate...

boards of FL wrote:

Bob wrote:If the economy has been broadly expanding since the end of March,  then the 2nd quarter should us a "broadly expanding" increase in the GDP. 

Correct.  It should, and I suspect it will.  

But, alas....GOP supporters...

PACEDOG#1 wrote:If "ifs and buts were candy and nuts, everyday would be Christmas" according to you.

Guest wrote:Liberals think they can sugar coat a turd and make it a twinky lol

(sound of a pin dropping)

Bump

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