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US economy contracts .7 percent in first quarter, BEA first revision of Q1 GDP, First time in 60 years 3 quarters, Worst personal spending contribution since Q1 of last year

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US economy contracts .7 percent in first quarter, BEA first revision of Q1 GDP, First time in 60 years 3 quarters, Worst personal spending contribution since Q1 of last year

“There’s no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.”…Gallup CEO Jim Clifton 

“In today’s labor market, there are nearly 1 million “missing” young workers—potential workers who are neither employed nor actively seeking work (and are thus not counted in the unemployment rate) because job opportunities remain so scarce. If these missing workers were in the labor market looking for work, the unemployment rate of workers under age 25 would be 18.1 percent instead of 14.5 percent.”…Economic Policy Institute May 1, 2014

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

The US economy contracted .7 percent instead of the sluggish .2 reported earlier.

Not to worry, it’s just another anomaly, probably the harsh winter brought on by climate change.

From Zero Hedge May 29, 2015.

“”Welcome To The Contraction”: Q1 GDP Drops By 0.7%, Corporate Profits Crash”

“And you thought the preliminary 0.2% Q1 GDP print from last month was bad. Moments ago, just as we warned, the BEA released its latest, first, revision of Q1 GDP (pre second-seasonal adjustments of course), and we just got confirmation that for the third time in the past four years, the US economy suffered a quarterly contraction, with the Q1 GDP revised drastically from a 0.2% growth to a drop of -0.7%: the worst print since snow struck, so very unexpectedly, last winter.”

.

“Incidentally, there has not been a US “expansion” with three negative quarters in it in the past 60 years.

Worse, the breakdown shows that far from being a non-core slowdown, consumption rose just 1.8%, below the 2.0% expected, and contributed just 1.23% of the bottom line GDP number. This was the worst Personal Spending contribution since Q1 of last year, when revised GDP dropped by -2.11%.”

Read more:

http://www.zerohedge.com/news/2015-05-29/welcome-contraction-q1-gdp-drops-07-corporate-profits-crash


Source: http://citizenwells.com/2015/05/29/us-economy-contracts-7-percent-in-first-quarter-bea-first-revision-of-q1-gdp-first-time-in-60-years-3-quarters-worst-personal-spending-contribution-since-q1-of-last-year/


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