Oops!!! Missed Again!!! 1st Quarter Revisions Continue! GDP Dropped 2.9%!!!!

suyts space

image

Economy in freefall? 1Q revision shows shrinkage of 2.9%

America’s economy shrank at a drastic 2.9 percent annual rate in the first quarter, a far more alarming picture than ones painted in two previous government estimates — including one that actually claimed modest growth.

The new figure released Wednesday by the Commerce Department is nearly three times lower than last month’s preliminary estimate of 1 percent shrinkage — at the time the worst three-month performance since 2009 — and far greater than the 0.1 percent growth estimate in April. The sluggish economy’s woes have been widely attributed to an unusually cold winter, but the latest figure — the biggest difference between second and third estimates since 1976 — could indicate far greater problems. …..

While economists attributed those bad numbers to weather and other factors, the jarring number, dubbed “an absolute disaster” by Wall Street blog ZeroHedge.com - is more…

View original post 261 more words

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s