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So the new revisions are in for GDP and it turns out that the first quarter we had a contraction of 1% versus an estimate of one 10th of a percent growth.
"GDP growth was initially estimated to have expanded at a 0.1 percent rate," reports Reuters. "It is not unusual for the government to make sharp revisions to GDP numbers as it does not have complete data when it makes its initial estimates. The decline in output, which also reflected a plunge in business spending on nonresidential structures, was sharper than Wall Street's expectations for a 0.5 percent contraction pace."
Reuters went on to explain to anybody stupid enough to believe it that weather chopped off about 1.5% from GDP. And that means that were it not for the weather the economy would've only grown by half a percent annual rate in the first quarter. And that means that the economist weren't just wrong about the impact of the weather, that they were wrong about the robustness of the economy going into the first quarter.
Can we all just agree that Obama sucks now?
If it walks like it sucks, talks like it sucks, it sucks.
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance: William's Edge Webinar for November 21st, 2014 | John Ransom