Economy Contracts in Q1

[PapaG]

Meanwhile, the stock market is at an all-time high.

http://www.reuters.com/article/2014/05/29/us-usa-economy-idUSKBN0E918F20140529

(Reuters) - The U.S. economy contracted in the first quarter for the first time in three years as it buckled under the weight of a severe winter, but there are signs activity has since rebounded.

The Commerce Department on Thursday revised down its growth estimate to show gross domestic product shrinking at a 1.0 percent annual rate.

The worst performance since the first quarter of 2011 reflected a far slower pace of inventory accumulation and a bigger than previously estimated trade deficit.

GDP growth was initially estimated to have expanded at a 0.1 percent rate. 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.

 

[Eastoff]

economic inequality is growing. =[

 

[Denny Crane]

While the decline in exports was not as severe as initially thought, import growth was stronger. That resulted in a trade deficit that sliced off 0.95 percentage point from GDP growth.

A measure of domestic demand that strips out exports and inventories expanded at a 1.6 percent rate, rather than a 1.5 percent rate, indicating underlying strength in the economy.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 3.1 percent rate. It was previously reported to have advanced at a 3.0 percent pace.

 

[BLAZER PROPHET]

economic inequality is growing. =[

In your opinion, why is that?

 

[Denny Crane]

In your opinion, why is that?

And why does it matter? Butthurt over someone else making $.01 more than "you?"

What really matters is whether people can afford housing, transportation, food, school, etc. That is not a problem, since more than half the families in the US make $51K or more.

 

[Eastoff]

In your opinion, why is that?

If the economy is getting worse, and the stock market is going up, then somebody is making money, while the country is struggling.

 

[Eastoff]

And why does it matter? Butthurt over someone else making $.01 more than "you?"

What really matters is whether people can afford housing, transportation, food, school, etc. That is not a problem, since more than half the families in the US make $51K or more.

Well since more than half of the families in the US make more than $51k, I guess the other half definitely can't be below the poverty line?

I don't get upset when someone makes a cent more an hour than me, I get upset when someone 12% more than me to do the same job. And I get upset when someone makes more than 7 orders of magnitude more than me.

 

[Denny Crane]

Well since more than half of the families in the US make more than $51k, I guess the other half definitely can't be below the poverty line?

I don't get upset when someone makes a cent more an hour than me, I get upset when someone 12% more than me to do the same job. And I get upset when someone makes more than 7 orders of magnitude more than me.

Between 13% and 16% are below the poverty line. Has been that way no matter what the income inequity has been.

So I ask again, why does it matter to you why someone makes more than you? It's your fault for not negotiating your own compensation fairly, or you simply aren't worth it.

 

[jlprk]

And why does it matter? Butthurt over someone else making $.01 more than "you?"

Let them eat cake! This is why every day I secretly PM everyone, preparing to steal Denny's money. Everything's all set.

 

[Denny Crane]

Let them eat cake! This is why every day I secretly PM everyone, preparing to steal Denny's money. Everything's all set.

You have me confused with barfo. He's the "let them eat cake" guy.

 

[jlprk]

You already checked my PMs?

 

[barfo]

You have me confused with barfo. He's the "let them eat cake" guy.

I am? How so?

barfo

 

[PapaG]

I am? How so?

barfo

You don't even recognize sarcasm anymore.

 

[BlazerCaravan]

You don't even recognize sarcasm anymore.

To be fair, neither do you.

 

[SlyPokerDog]

To be fair, neither do you.

I would laugh at this but I have everyone on ignore now.

 

[blazerboy30]

economic inequality is growing. =[

Is that the metric you would try to optimize if you were in charge?

 

[EL PRESIDENTE]

Don't worry, its the unexpected winter.

 

[blazerboy30]

Don't worry, its the unexpected winter.

If all of our jobs have been outsourced, how can some bad weather destroy our economy?

:MARIS61:

 

[Denny Crane]

This seems to be as good a thread to post this as any.

Democrats complain the republicans obstruct Obama's agenda.

What we got for the obstruction is all the 8M jobs lost have been recovered.

Barfo was quick to point out how the across the board sequester was going to cost the GDP some amount of $billions. Yet we had 2.5% and then 4.1% GDP growth. Then they got together and compromised to end the sequester and here we are at -1% growth.

When we have tried austere measures, they've only heated things up for the better.

Paul Krugman is just wrong about everything.

 

[Denny Crane]

More evidence that the real world acts differently than Krugman claims.

http://mobile.bloomberg.com/news/20...imf-got-it-wrong-on-rallying-u-k-economy.html

Lagarde Says IMF ‘Got It Wrong’ on Rallying U.K. Economy