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Economy
US economy shrank almost 3 percent in Q1
2014-06-26
[CNBC] The U.S. economy contracted at a much steeper pace than previously estimated in the first quarter, but there are indications that growth has since rebounded strongly.
Unexpectedly!
The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent pace it had reported last month.

While the economy's woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggest other factors at play beyond the weather. Growth has now been revised down by a total of 3.0 percentage points since the government's first estimate was published in April, which had the economy expanding at a 0.1 percent rate.

The difference between the second and third estimates was the largest on records going back to 1976, the Commerce Department said. Economists had expected growth to be revised to show it contracting at a 1.7 percent
Posted by:Fred

#8  When you raise taxes dramatically and roll out gobs of new, burdensome regulations a contracting economy is only a surprise if you are an idiot, a member of the Press, or this Administration. But I repeat myself.
Posted by: Deacon Blues   2014-06-26 16:26  

#7  It would seem that people aren't buying the Little Miss Sunshine BS that Bummble is putting out. Money is worth less because more and more is printed. Food has gone up considerably. Gasoline has gone up. The labor participation rate is way down. Can't say that is all George W's fault but the Donks will do. The transparency may be starting to come through.
Posted by: JohnQC   2014-06-26 12:17  

#6  I recommend closely monitoring urban dog pound population trends.
Posted by: Besoeker   2014-06-26 11:49  

#5  Who'd have thought that Bush's incompetance would be so far reaching? Right into Obie's second term.
Posted by: regular joe   2014-06-26 11:42  

#4  nice of the MSM to memory hole this already.

SQUIRREL!!!
Posted by: Bright Pebbles   2014-06-26 09:56  

#3  expect bogus sunny numbers prior to the election.
Posted by: Frank G   2014-06-26 09:19  

#2  and since employment grew slightly, productivity decreased at about a 3.6% annual rate, the worst reading since records have been kept

we have had cold winters before but the amount of ice in the Great Lakes and on the Mississippi and Ohio Rivers was more than anytime in the past two decades and this probably was much of the reason for the big decline in construction and the slightly less of a decline in manufacturing
Posted by: lord garth   2014-06-26 06:58  

#1  While the economy's woes have been largely blamed on an unusually cold winter

Hot Cold weather, and the need for people to stay warm. Obviously then, it's the PEOPLE and their need to stay warm, who are to blame.
Posted by: Besoeker   2014-06-26 06:39  

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