DISASTER! First Quarter GDP Revised Down to -1.0%
It was worse than we thought.
The economy shrunk by 1.0% in the first quarter. (Trading Economics)
The Obama administration originally blamed the record cold for the dismal economic growth rate… While at the same time pushing global warming junk science.
The GDP did not grow but contracted by 1% in the first quarter.
The Wall Street Journal reported:
The U.S. economy contracted in the first quarter of 2014, the latest stumble for a recovery that has struggled to find its footing since the recession ended almost five years ago.
Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 1.0% in the first three months of the year, the Commerce Department said Thursday. It was the first time economic output contracted since the first quarter of 2011, when it declined at a 1.3% pace.
Government economists had previously estimated GDP slowed to a 0.1% growth rate in the first quarter as harsh winter weather disrupted work sites, curtailed foot traffic at retail stores and snarled transportation networks across much of the U.S. The newly revised estimate incorporates additional economic data released in recent weeks. Higher-than-expected imports and slower-than-expected inventory growth dragged the economy into negative territory.