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AP Says Economy Dips At Lower Pace

From the ever dependable Associated Press:

Economy dips at slightly lower pace in 1Q

By Jeannine Aversa, AP Economics Writer

WASHINGTON – The economy tumbled at a 5.5 percent pace in the first quarter, but appears to be doing better now, even though heavy layoffs persist.

The revised reading on gross domestic product, released Thursday by the Commerce Department, showed the economy from January through March didn’t fall as deeply as the 5.7 percent annualized decline reported a month ago. Economists expected the government would stick with its previous estimate.

A separate government report found new jobless claims jumped unexpectedly last week, while continuing claims for unemployment benefits rose more than expected. The data show jobs remain scarce even as the economy shows some signs of recovering from the longest recession since World War II…

Many analysts believe the economy isn’t sinking nearly as much now as the recession eases it grip on the country.

For the current April-June quarter, economists predict GDP is sinking at a pace of between 1 and 3 percent. But that’s not nearly as much as it had in the prior six months, the worst performance in 50 years. The government will release second-quarter results at the end of next month…

The nation’s unemployment rate hit a quarter-century peak of 9.4 percent last month and is likely to reach 10 percent by the year-end. The jobless rate could rise as high as 11 percent by the summer of 2010 before making a gradual descent, economists say

The Labor Department on Thursday said initial claims for jobless benefits rose last week by 15,000 to a seasonally adjusted 627,000. Economists expected a drop to 600,000, according to Thomson Reuters. Several states reported more claims than expected from teachers, cafeteria workers and other school employees, a department analyst said.

The number of people continuing to receive unemployment insurance rose by 29,000 to 6.74 million, slightly above analysts’ estimates of 6.7 million

The government makes three estimates of the economy’s performance for any given quarter. Each estimate of gross domestic product, which measures the value of all goods and services produced within the U.S., is based on more complete information. The third one came Thursday.

The Associated Press give ‘creative accounting’ a bad name.

Observe the chart from the Bureau Of Labor Statistics (and not the AP).

If the current President were a Republican rather than a Democrat, would the headline read: “Economy dips at slightly lower pace in 1Q”?

Would AP continue to cite the same perpetually wrong economists, who insist on claiming things are turning around?

No, instead they would point out that we have had three successive quarters wherein the economy contracted. The last two at a truly terrible rate.

And they would trumpet the news that unemployment continues to skyrocket into the stratosphere.

But in the Golden Age of Obama, all such details are ignored. Instead, we are constantly assured that the economy is getting better.

This article was posted by Steve on Thursday, June 25th, 2009. Comments are currently closed.

15 Responses to “AP Says Economy Dips At Lower Pace”

  1. Liberals Demise says:

    Well ………. according to the AP, all of our IQs’ just took a huge dip if they believe that all of us sane people are gonna lick their lollipop!
    I’ve got news for them …….. the sky is not falling, it is our economy that is and no amount of spinning is going to make their story anymore bearable or plausible!

    Obama doesn’t need anymore cheerleaders for our train wreck.

  2. Chinnubie says:

    What is incredible is the ongoing, Oh it’s getting better, when we can all plainly see it is not getting better. When do the Obama worshipers start realizing this president does not care one bit about them or this country?

    What’s worse if the Cap & Tax passes or worse yet if guvment health care passes this economy falls into the crapper and probably never comes out. Well it will be nice to sit around with our grandchildren and tell them about this country when we had virtually no unemployment and the American dream was reachable for everyone. It’ll be, remember when gas was $2.00 a gallon and a loaf of bread was $1.20. We’ll have to spend our entire salaries on just surviving, but then we’ll have “Skin in the Game” right?

  3. proreason says:

    This just in from the Proreason Press:

    (pp) Jun 25, 2009: Ed McMahon has improved remarkably in the latest report from his family and doctors. His breathing is regular. His blood pressure and heart beat are steady. He is no longer losing bodily fluids, and he seems to be resting comfortably. All signs point to a full and speedy recovery from the illness that has confined him to the hospital for the past two week. Family members thank the public for their support.

    In unrelated news, this just in from the Associated Press: Ed McMahon died Jun 24, 2009. May he rest in peace.

    • Liberals Demise says:

      SEMPER FI Col. Ed McMahon USMC
      Next Duty Station ……… Gates of Heaven
      “At Ease, Marine!”

  4. Rusty Shackleford says:

    Rev. William J. H. Boetcker, who was a big fan of Lincoln, falsely quoted the president with these words, actually taking this wisdom from years of what he had learned and putting them into pamphlets. However, they are as true as they can be.

    You cannot bring about prosperity by discouraging thrift.
    You cannot help small men by tearing down big men
    You cannot strengthen the weak by weakening the strong.
    You cannot help the wage earner by pulling down the wage payer.
    You cannot further the brotherhood of man by encouraging class hatred.
    You cannot help the poor by destroying the rich.
    You cannot keep out of trouble by spending more than you earn.
    You cannot build character and courage by taking away man’s initiative and independence.
    You cannot establish security on borrowed money.
    You cannot help men permanently by doing for them what they could and should do for themselves.

    If you read each and every one of these separately, and think about what Blammo is doing…. they stand 180 degrees out, each and every one. His philosophy is anathema to wisdom and common sense. Obviously, he has no background or awareness of it.

    For a person so opposed to “meddling” in the affairs of another country, he has no compunction about doing it to our economy. Every step he takes, makes it worse. And when the people are massed at his front door, poor and destitute, he will simply say, “Hey, it’s not MY fault….blame the experts.”.

    He is a low-life-scum-sucking-weasel and quite frankly, the economy will dip considerably lower while his political pals post “record profits” and wave that in the face of the unemployed and uninsured.

    The real crime, of course, being that they voted for him as the rescuer. How odd it is that a lie is clear across the world before the truth barely has its shoes on.

  5. proreason says:

    This American Thinker article by Edmund Wright has the best analysis of the economic crisis I’ve seen.

    http://www.americanthinker.com/2009/06/recovery_when_how_about_if_1.html

    Warning: his conclusions will not make your day any better.

  6. pdsand says:

    The same experts who were confounded that the economy didn’t perform as bad as expected during the Bush presidency, and who are now perpetually confounded that the economy is performing worse than expected under Obama? Those are some quality experts.

  7. Rusty Shackleford says:

    Again, from the wisdom of Charles Schulz, in the ubiquitous scene with Charlie Brown and Lucy, who, once again, tries to get him to kick the football and Charlie Brown says, “I don’t mind your dishonesty half as much as I mind your opinion of me; You must think I’m stupid”.

    And lo, the obamabots think, truly that by saying a thing is so….it must be so. Regardless of fact, regardless of truth, regardless of reality.

    So therefore, they truly DO think we’re stupid and in the name of protecting the idiot who plays dice with our future, calls it the truth, anticipating we will buy into that.

    As we say in Texas, “Don’t piss on my boots and tell me it’s raining, boy.”

  8. BigOil says:

    Unfortunately, I believe we need to see 10% unemployement soon. Double digit unemployment can serve as a slap in the face to awaken people from their stupor. This needs to happen before our dictator and his politburo in Congress can wrest control of 1/3 of our economy on their mad dash to enact cap and trade and healthcare reform.

    Even the msm propagandists will struggle spinning record unemployment into positive news.

  9. proreason says:

    great video on Obamys spending frenzy

    http://www.youtube.com/watch?v=P5yxFtTwDcc

    Note: it uses The Moron’s own lieing-through-his teeth projections, pre Universal Health Scare.

    • Rusty Shackleford says:

      Yup, puts it in perspective alright. Yet so many of our dimwitted fellow countrymen cannot connect the dots, or, more accurately, REFUSE to. “If I just close my eyes, it won’t be happening”.

      This sort of denial is a neat little national problem we’ve had for generations.

      Perhaps, and I’m just throwing this out there, it’s because of our very system where we can get everything at the touch of a button and even the poorest of the poor have TV. Hungry? Get a Big Mac, right how. Need a car? Instant approval. We have it all, right here, right now and so much so that perhaps the first victim of living this way…is healthy cynicism and suspicion.

      We all know the stories about the slick snake-oil salesman and used car hucksters. So why are (some of us) so ready to roll over and let Blammo and his carnival barkers sell us a trip into the tent to see the dog-faced boy (aimed directly at Pelosi, BTW)?

      Why, when we spend days poring over consume reports as to whether we should buy a Honda or a Toyota, we so quickly take a mega-bite of the crap sandwich called “hope and change”?

      I think I have the answer. Market studies have shown that sound-bite, feel good messages work. “You deserve a break today”, “Have it your way”, “Coke is it”, “Life Is Good”,

      “Yes We Can”.

      But I say, “No, you won’t!”

      And, being single, like I’ve said before…I’ve vote with my size 10’s and leave and let the liberal half-wits turn this nation into an African-Colonial run dictatorship. There’s an EXCELLENT article in American Thinker by L.E Ikenga that finally puts a label on Blammo that makes sense. Many of us have identified the what and the how and sometimes the why, but Ikenga gets to the root of the matter very well.

      http://www.americanthinker.com/2009/06/obama_the_african_colonial.html

      This article should be wallpapered all over the place. It’s exactly how the adolescent who wants to be king is constructed.

    • tranquil.night says:

      Great post and great article, Rusty. That clears up all these gift snubs to Britain (wow did Gordo Brown and Labor get screwed by the man they were hoping to be their biggest ally) and indeed the rest of his behavior to Europe, which heralded his coming in the January. Man were they in for a rude awakening!

  10. GL0120 says:

    This is like having your doctor reassure you by telling you that the cancer that is taking over your body has slowed; you now have two more days to live.
    You have to love those wonderful folks at AP, always looking on the bright side!


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