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Economy
GDP Disaster: Final Q1 GDP Crashes To -2.9%, Lowest Since 2009, Far Below The Worst Expectations
2014-06-25
Unexpectedly!""
[ZeroHedge] Remember when in January 2014, Q1 GDP was expected to rise 2.6%? Well, here comes the final Q1 GDP revision and it's a doozy: at -2.9%, far below the -1.8% expected and well below the -1.0% second revision, it is an absolute disaster, and is the worst print since Q1 2009.

And while a bad GDP print was largely expected, the driver wasn't: personal consumption expenditures somehow crashed from 3.1% to just 1.0%, far below the 2.4% expected, meaning that all hope of a consumer recovery is dead. Finally, as a reminder, US GDP has never fallen more than 1.5% except during or just before an NBER-defined recession since quarterly GDP records began in 1947. Good luck department of truth propaganda machine, because even assuming 3% growth every other quarter in 2014 means 2014 GDP will be 1.5% at best!
Posted by:Beavis

#10   If the policy was to have the Prez play more golf and the apparent result was a seemingly improving economy the target demographic would buy it

Yes, it will be and is being spun. But Mr. Obama isn't running for office. Glenmore's comment:

That way the Dems could claim they should be re-elected because their policies are working.

Key three words: Twenty-fourteen elections.
Posted by: Pappy   2014-06-25 21:19  

#9  @Anguper Hupomosing9418

Thank god it's not just me that thinks falls in affordability sand rises in rent seeking are the opposite of economic growth.
Posted by: Bright Pebbles   2014-06-25 19:10  

#8  Why, Pappy? If the policy was to have the Prez play more golf and the apparent result was a seemingly improving economy the target demographic would buy it.
Posted by: Glenmore   2014-06-25 13:40  

#7  Gotta have policies in place in order to make that claim.
Posted by: Pappy   2014-06-25 12:36  

#6  Are the numbers be manipulated strongly downward NOW so that they can be manipulated steadily upwards leading into the election? That way the Dems could claim they should be re-elected because their policies are working.
Posted by: Glenmore   2014-06-25 12:32  

#5  Communism failed 34 times. This will be the 35th.
SAD

Stupid Assed Democrats and the goat roping republicans
Posted by: newc   2014-06-25 12:09  

#4  3 headlines seen today, on the same page at Bloomberg.com:
-- Sales Pickup Shows Healing U.S. Real Estate Market
-- Housing Market Falters Amid Rising Prices, Lower-Paying Jobs
-- HUD Nominee Faces Senators as Housing Recovery Sputters
The MSM continues to beat the drum that extravagant real estate prices and rents are somehow good for the economy as a whole. Just the opposite is true.
Posted by: Anguper Hupomosing9418   2014-06-25 11:44  

#3  What little "recovery" there has been since 2009 has gone almost entirely to the 0.1%. For the rest of us, stagflation / depression. We will be having our "top men" revising the statistics before the next election to keep incumbents in office.
Posted by: Anguper Hupomosing9418   2014-06-25 11:39  

#2  They never learn. They just ask for more free bennies.
Posted by: DarthVader   2014-06-25 11:11  

#1  Bad for dems. Bad for the Beest as well. Costly 'lesson learned' for dem voting citizens, and... others voting for dems. The real challenge lies in their ability to actually absorb the lesson? I fear they will likely not.
Posted by: Besoeker   2014-06-25 11:08  

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