Adjustment of GDP … US Economy Shrunk By Most in Five Years in First Quarter, Commerce Dept Says – 2.9%
RECOVERY, WHAT OBAMA ECONOMIC RECOVERY?
Obamanomics at its finest … The Obama economy is worse than first reported. The GDP for QTR 1 for 2014 was not -1.0%, it was -2.9%!!! This marks the biggest decline since early 2009 when the Great Recession was winding down.
The U.S. economy contracted at a worse pace than previously estimated in the first quarter, marking its sharpest pullback since the recession ended five years ago.
Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 2.9% in the first three months of the year, according to the Commerce Department’s third reading released Wednesday. That was the fastest rate of decline since the first quarter of 2009, when output fell 5.9%.
Commerce had previously estimated output fell by 1% in the first quarter as manufacturers drew down inventories rather than produce new goods and as unusually harsh weather kept consumers at home and shut down work sites. Exports also declined after a surge late last year.
The media lap dogs sat “don’t freak out” with regards to the terrible GDP for Q1 2014. Hmm, would they be saying the same for GWB? Here are the excuses for the reason why you should not fret about the -2.9 GDP, it’s the weather’s fault, it’s not a final number:and other data show the economy is improving. Really, it’s not the final numbers? They just revised it down from -1% to -2.9%, do you mean it could get revised even lower?
More from Newsbusters and the liberal media spin.