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Oops! Economic Growth Not So Great After All

This is an actual headline from CNBC for this Reuters article:

Oops! Economic Growth Wasn’t So Great After All

Friday, 26 Apr 2013

U.S. economic growth regained speed in the first quarter, but not as much as expected, which could heighten fears the already weakening economy could struggle to handle deep government spending cuts and higher taxes.

Gross domestic product expanded at 2.5 percent annual rate, the Commerce Department said on Friday, after growth nearly stalled at 0.4 percent in the fourth quarter. The increase, however, missed economists’ expectations for a 3.0 percent growth pace

Reuters would have put the word ‘unexpectedly’ in its headline.

Given the smaller-than-expected increase and signs the economy has weakened in recent weeks, the GDP data will probably weigh on U.S. stocks. It could also give ammunition for the Federal Reserve to maintain its monetary stimulus.

The U.S. central bank, which meets next week, is widely expected to keep purchasing bonds at a pace of $85 billion a month.

Data ranging from employment to retail sales and manufacturing weakened substantially in March after robust gains in the first two months of the year…

And, remember, this is all before the sequester went into effect.

This article was posted by Steve Gilbert on Friday, April 26th, 2013. Comments are currently closed.

3 Responses to “Oops! Economic Growth Not So Great After All”

  1. Petronius

    I do not believe the 2.5% growth (annualized) reported for the first quarter.

    The regime is cooking the books here, just like they do with everything else.

    I believe both the fourth quarter 2012 and first quarter 2013 may have been negative (which meets the official definition of a recession).

    • canary

      Petronius. They are cooking the books here to look rosy too. The biggest lie here is the last 4 years lies of lying on housing and real estate getting hit hard to avoid reducing property taxes.

      It lures people to move to one’s state.

      The media’s priority is to make money. The more citizens that move to a state, the more subscribers and advertisers, so they wouldn’t dare be truthful.

      The most ignored class hurting is the lower class where essentials, gas, food, and environmental laws have taken a heavy toll.

      The only thing I noticed went down in price is ladders.

      I guess more people can’t afford to pay anyone to do small jobs.

  2. Noyzmakr

    If you think they’re cooking the books now just wait for the new and improved way of calculating the GDP.

    https://www.teapartypatriots.org/2013/04/america-is-changing-how-we-calculate-gdp/


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