1st Quarter Economy Shrank By 2.9%

Discussion in 'Politics, Religion, Social Issues' started by ucfgrad93, Jun 25, 2014.

  1. ucfgrad93 macrumors P6

    ucfgrad93

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    #1
    So the economy shrank almost 3 times more than previously reported.

    If these early estimates are so inaccurate, why not wait until you get it right before announcing it. These estimates are ALWAYS revised so just skip the early BS reporting and wait.

    http://www.usatoday.com/story/money/business/2014/06/25/economy-first-quarter/11332011/
     
  2. Michael Goff macrumors G3

    Michael Goff

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  3. jkcerda macrumors 6502

    jkcerda

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    #3
    can't simply keep growing, I blame Bush & honey boo boo :D
     
  4. G51989 macrumors 68030

    G51989

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    #4
    When 40% of the workforce in America makes under a living wage.

    People don't have money to buy anything.
     
  5. iBlazed macrumors 68000

    iBlazed

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    #5
    You wouldn't know it driving around my town. Seems like Maserati is the new most popular car around here, people drive them around like Toyotas :eek:

    Seriously though, I wonder what's behind this.
     
  6. MacNut macrumors Core

    MacNut

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    #6
    Ya I am turned off when I see bush.
     
  7. iBlazed macrumors 68000

    iBlazed

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    #7
    Too easy...
     
  8. Moyank24 macrumors 601

    Moyank24

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    #8
    WAY too easy!! ;)
     
  9. MacNut macrumors Core

    MacNut

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    #9
    But not smooth sailing.
     
  10. Happybunny macrumors 68000

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    #10
    It's the same here in Europe, the economy is getting better, but because of the unemployment, people are still not spending like they used to.
     
  11. thejadedmonkey, Jun 25, 2014
    Last edited: Jun 25, 2014

    thejadedmonkey macrumors 604

    thejadedmonkey

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    #11
    I heard it was 0.7%, and the 2.9% is if it continues on its merry trend downward.

    edit: The GDP contracted at an annualized rate of 2.9%.

    That means it dropped 0.7% this q, when they were expecting a .25% drop. That's a difference of <0.5%, or in other words, for every 200 people there's 1 less job (assuming all jobs are equal).

    Also, Obamacare was expected to cut costs (output). So it's not entirely surprising that the GDP went down.
     
  12. G51989 macrumors 68030

    G51989

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    #12
    Indeed.

    The difference is, once Europe as a whole starts to get the jobs flowing again, most of the jobs will be decent paying.

    The Min wage is unlikely to be increased in America, which will just mean more slave wage goverment dependent jobs.
     
  13. Mousse macrumors 68000

    Mousse

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    #13
    It just got out of the pool.:eek::p



    Anyhoo... no surprise here. The Gub'ment propping up big corporations is to blame. The same big corporations that's sending jobs overseas.:rolleyes: While the small and medium size businesses--the job makers--have to fight and claw with little or no support from Uncle Sam. No job = no money. No money = no spending. No spending = no economy. 'Murica. F-yeah!:rolleyes:
     
  14. ThisIsNotMe macrumors 68000

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    #14
    Obamanomics revising number down? Shocked!!!!
     
  15. Hieveryone macrumors 68020

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    Apr 11, 2014
    #15
    Many economists say much of the first-quarter weakness was the result of temporary factors, such as unusually harsh winter weather. They expect growth to exceed 3% in the current quarter and the rest of the year.

    ----------

    HAHA! Seinfeld is spot on about shrinkage. I can't deny it.

    But seriously, it says in the article not worry as they expect growth to resume normal in the next quarter.

    Now if we have 2 bad in a row...I'm selling my investments.
     
  16. Technarchy macrumors 603

    Technarchy

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    #16
    BINGO!!!

    The USA economy is sustained by consumerism.

    If people don't buy stuff, doors shutter.

    People can't buy stuff when the price of goods outpaces income growth. Income growth is largely stagnant, with the bulk of wealth going to the 1% of the 1%.

    You want people to spend, either get the cost of goods down, or bring income up. Otherwise our economy is *********
     
  17. satcomer macrumors 603

    satcomer

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    #17
    The problem is most people (including Europe) don't research what they do buy. You get you goods from Walmarts/ Targets, Amazon or other cheap online stores and don't buy goods from the country you live in. Simple deduction can trace this down in the new service economies.

    US online citizens should shop at store like the Made in America Store. :eek:
     

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