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U.S. Economy Goes Backwards

Mike

Well-known member
WE TOLD YOU SO!!!!!!!!!!!!!!!!


By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON (AP) - The U.S. economy was battered even more than first suspected by the harsh winter, actually shrinking from January through March. The result marked the first retreat in three years, but economists are confident the downturn was temporary.

Gross domestic product contracted at an annual rate of 1 percent in the first quarter, the Commerce Department said Thursday. That was worse than the government's initial estimate last month that GDP during the period grew by a slight 0.1 percent. The economy last posted a decline in the first three months of 2011 when it dropped 1.3 percent.

This year's weakening reflected slower stockpiling by businesses, a cutback in business investment and a wider trade deficit.

Dan Greenhaus, chief strategist at BTIG, called the drop in growth "backward looking."
 

Mike

Well-known member
Traveler said:
somebody better cook the books for next quarter so they can avoid calling it a recession.

Oh they have plenty of "Bookcookers" around but they are presently busy in the Unemployment division.
 

hypocritexposer

Well-known member
cowman52 said:
Take out the good from Texas and north Dakota and where would the figures be?

A year ago it was the US which first "boosted" America's GDP [8]by $500 billion - literally out of thin air - when it arbitrarily decided to include "intangibles" to the components that 'make up' GDP (in the process cutting over 5% from the US Debt/GDP ratio).

http://www.zerohedge.com/print/488811
 

hypocritexposer

Well-known member
looks like last year's "cooking of the books' wasn't enough...

April 21, 2013 6:29 pm
Data shift to lift US economy 3%

By Robin Harding in Washington

http://www.ft.com/intl/cms/s/52d23fa6-aa98-11e2-bc0d-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F52d23fa6-aa98-11e2-bc0d-00144feabdc0.html%3Fsiteedition%3Dintl&siteedition=intl&_i_referer=http%3A%2F%2Fwww.popforum.net%2Fviewtopic.php%3Ff%3D6%26t%3D147147#axzz32UzLDOmB
 

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