http://www.foxbusiness.com/economy/2013/01/30/us-gdp-contracts-for-first-time-since-200/
Gross domestic product fell at a 0.1 percent annual rate after
growing at a 3.1 percent clip in the third quarter, the Commerce
Department said on Wednesday.
That was the worst performance since the second quarter of 2009, when
the recession ended, and showed the economy entering the new year with
no momentum.
Economists say a growth pace in excess of 3 percent would be needed
over a sustained period to significantly lower high unemployment. The
economy has struggled to hold above a 2 percent growth pace.
For the whole of 2012 the economy grew 2.2 percent.
http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
Real exports of goods and services decreased 5.7 percent in the fourth quarter, in contrast to an
increase of 1.9 percent in the third. Real imports of goods and services decreased 3.2 percent, compared
with a decrease of 0.6 percent.
The acceleration in real GDP in 2012 primarily reflected a deceleration in imports, upturns in
residential fixed investment and in private inventory investment, and smaller decreases in state and local
government spending and in federal government spending that were partly offset by decelerations in
PCE, exports, and nonresidential fixed investment.
Excuse me if my attitude shows here.
ReplyDeleteThis is the result of FAILED Economic policy on the part of the Obama administration.
We have been told for 4 years "Better than expected" "Unemployment Rate is Improving","Manufacturing is Lifting Jobs and Lifting the Economy,and a thousand other statements issued to convince the Public that just wait your turn and it is going to get better.
All of which is Bullshit.
The labor market is barely expanding at a rate fast enough to keep pace with population expansion,not real reduction in the unemployment rate.People are just leaving the job market.
Wages and income are dropping,food stamp and and other social programs are expanding at an alarming rate.Poverty is the only expansion.
The only real things are Government Debt expansion and inflation,but inflation is only around 2%,but wait so is GDP.The inflation number of around 2% is another BS item.
But the next quarter is going to be really great,or is it the one after that,or the next one.
When oh when are people going to catch on that you are being Lied to.
I know the Stock market is looking at 14,000,we will see.
Until there are real gains in the economic numbers,and a real recovery in place all else is the same old bullshit we have been feed for the last 4 years.
Delete------"Dems Tout Claim: 'Best-Looking Contraction in U.S. GDP You'll Ever See''------
REALLY!! THEY HAVE THE FLIPPING BALLS TO SAY THIS !!!!!!
b u l l s h i t ! I am with you rojayalso...
Hi Angie, here's what Reuter's has to report. Gross domestic product fell at a 0.1 percent annual rate, its weakest performance since it emerged from recession in 2009, the Commerce Department said on Wednesday.
DeleteIf it were not for the hit from slower inventory growth and the deepest plunge in defense spending in 40 years, the economy would have grown at a respectable 2.5 percent rate.
"Obviously, the headline number is a bit jarring, but the underlying details of the report, by and large, are consistent with an economy that is growing probably at a trend basis of about two percent," Michael Hanson, a senior economist at Bank of America Merrill Lynch in New York.
Economists polled by Reuters had expected GDP to rise at a 1.1 percent rate and none had predicted a contraction.
U.S. financial markets largely shrugged off the data, heartened by the acceleration in consumer spending and the rebound in business investment, which pointed to some fundamental economic strength.
How much of the 3.1% gain of the previous quarter, which happened prior to the election, was forced?
DeleteMission accomplished, four more years of socialist maliase. No matter, we shall experience the slow death of program after program. Strangled in their beds by static economic results. In reality there have been no defense spending cuts. Yet.
Meanwhile, the markets, who love socialism, plow new individual investor money into the field.
It all remains so predictable. 1937 Read your history.
Mick.....You are Parroting the Bullshit that the Obama administration is sending out......"If it were not for the hit from slower inventory growth and the deepest plunge in defense spending in 40 years, the economy would have grown at a respectable 2.5 percent rate."
ReplyDeleteNow about that reduction in defense spending..
Except that while the BEA says defense spending declined in Q4, overall federal spending was up $31 billion compared with Q4 2011 and up $98 billion compared with Q3 2012, according to monthly spending reports out of the Treasury Department.
Read More At IBD: http://news.investors.com/ibd-editorials/013013-642576-gdp-economy-decline-president-obama-policies.htm#ixzz2JYpXI9ay
My Point is...We have been fed a line of bullshit excuses about the economy and the Lack of recovery for the last 4 years.
READ THE IBD ARTICLE LINKED ABOVE.
More from IBD...
The lack of good excuses might explain why Obama and Co. are so desperate to put a positive spin on the numbers.
I say it is economic POLICY FAILURE pure and simple,and now with the Tax increases it is only going to get worse.
Read More At IBD: http://news.investors.com/ibd-editorials/013013-642576-gdp-economy-decline-president-obama-policies.htm#ixzz2JYqk2NUL
And then there's that mysterious failure to adopt a budget resolution, no? I could somewhat understand the politics of it when the administration took over and decided to on-budget the Iraq and A-stan cost, but that was four years ago. What possible reason could there be? I think the general public has said 'Yes, we get it, the trillions dollar stuff related to the wars started before you.' A possible reason for no BR might be a no-brainer now, huh?
DeleteJean
First, there is no such thing as "The Obama Administration" there is only the Obama. Second, there is no "economic policy" I defy anyone to identify it in clear simple terms. Most of all Obama only cares about what he sees in the mirror and what he can use to make himself "look" like an acting President. He has never taken the high road, what else would expect from a Chicago politician, and he never will. He defines arrogant and he defies anyone that has the balls to say anything negative about the worst economy in 70 years, the least world "presence" since 1775 and the poorest example of anything "presidential" ever to slink thru the doors of the White House.
ReplyDeleteTwins.....Can't say I disagree with any of the above.
ReplyDeleteReally I am at a loss as exactly how to state my feelings about Obama and his Presidency,and what he is doing to this country.
Take heart Rojay! Only 47-1/2 months left until Hillary takes the helm :)
DeleteWilliam...Hummmmmm just when you would think things could not get any worse.....Hillary.
Delete