Welcome to Obama’s economy. The first quarter GDP has been revised downward. The economy actually shrunk 1% in the first quarter of 2014. Of course the Obama regime and media have the excuses ready, blaming the ‘harsh weather’ which is a complete load of BS.
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| 1st quarter GDP contracts 1% – weather blamed again |
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The economy 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 gross domestic product grew by a barely discernible 0.1 percent in the first quarter. It was the economy’s first quarterly decline since a 1.3 percent drop in the first three months of 2011.
This year’s dip reflected slower stockpiling by businesses, a cutback in business investment and a wider trade deficit.
The first quarter contraction primarily reflected a sharp slowdown in businesses stockpiling, which subtracted 1.6 percentage points from growth, a full percentage point more than the initial estimate. The trade deficit was slightly larger than previously thought. Business investment in structures fell at an annual rate of 7.5 percent in the first quarter, also worse than the initial estimate.
These same leftists are claiming that second quarter of 2014 will have a ‘robust’ rebound over the first quarter. Of course, they’ve been saying this for 5.5 years now, and each year the GDP ends up to be a smidgen.