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The U.S. economy suddenly looks weaker!


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:lol:

 

June 26, 2013

 

Gross domestic product -- the broadest measure of economic activity -- rose at a mere 1.8% annual pace between January and March, marking a sharp downward revision from the 2.4% pace reported by the Commerce Department last month.

 

The government revises its GDP figures several times, but economists weren't expecting such a dramatic change from the third estimate.

"This was certainly unexpected and, I believe, rare," said Jennifer Lee, senior economist with BMO Capital Markets, referring to the revision.

 

The weaker figures came primarily from revisions to consumer spending, exports and commercial real estate.

 

Consumer spending, which alone accounts for roughly two-thirds of the GDP measure, rose at a 2.6% annualized pace in the first quarter, according to the revisions. That's down from the 3.4% pace the Commerce Department estimated in its prior report.

Meanwhile, spending on nonresidential buildings shrunk 8.3% in the first quarter, offsetting some of the economic boost from the ongoing housing recovery.

 

U.S. exports to other countries contracted, and government spending cuts continued to be the largest drag on economic growth.

Economists have already turned their attention to studying how the economy fared in the spring. Their estimates point to more of the same slow growth.

 

http://money.cnn.com/2013/06/26/news/economy/gdp-revisions/index.html?iid=s_mpm

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What's your plaint?

 

That a growing GDP is somehow worse than a recession? Or that it's not growing fast enough for you? Or something else?

 

well... what do YOU think? Is our economy growing or not?.... if I look around me, the REALITY, it's not growing and the OP confirms just that!

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the economy is in terrible shape right now. double digit unemployment, inflation gaining steam (some food prices up 50% from same time last year) need I mention fuel prices?? American's savings at an all time low because of inflation.

 

And the libs want more regulation on business higher taxes and higher wages with more benefits????

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Growth coming out of this recession is anemic at best. Compare to Reagan. The increased taxes, health premium increases, food and energy inflation, tens of thousands of new regulations, unemployment, and part time jobs have put a damper on the spending of the average american. After Jan. 1st health premiums will soar. New regulations on CO2 will cost thousands of jobs and drive the cost of electricity upward. The fallout from these new regulations will be felt throughout the economy. One example will be rent increases. Those renters that have utilities included in the rent will face rent increases. Those that use a laundromat will pay more to wash clothes. Property taxes will rise as towns will have to pay more for electricity. Food prices will keep rising because markets will pay more for refrigeration. On and on it will go. What it means is the consumer will spend less because disposable income will shrink. People living paycheck to paycheck will be in real trouble.

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What's your plaint?

 

That a growing GDP is somehow worse than a recession? Or that it's not growing fast enough for you? Or something else?

 

That for $6 trillion in additional debt, Obama "achieved" the worst recovery in 80 years.

 

That economic growth isn't high enough to lower unemployment at all for those looking, never mind provide jobs accounting for population growth.

 

That his economic policies failed, duuh.

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