US First-Quarter GDP Gets a Haircut, Rises 1.8%

Discussion in 'Too Hot for Swamp Gas' started by mocgator, Jun 26, 2013.

  1. mocgator
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    mocgator Well-Known Member

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    A disaster...

    Well... back to gay marriage, guns, big gulps, and illegal aliens... the really important stuff...

    http://www.cnbc.com/id/100845284

    U.S. economic growth was more tepid than previously estimated in the first quarter, held back by a moderate pace of consumer spending, weak business investment and declining exports.

    Gross domestic product expanded at a 1.8 percent annual rate, the Commerce Department said in its final estimate on Wednesday. Output was previously reported to have risen at a 2.4 percent pace after a 0.4 percent stall speed in the fourth quarter.

    Details of the report, which showed downward revisions to almost all growth categories, with the exception of home construction and government, could cast a shadow over the Federal Reserve's fairly upbeat assessment of the economy last week.

    Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 2.6 percent pace rather than 3.4 percent. The revision largely reflected weak outlays on health care services.
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  2. G8trGr8t
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    G8trGr8t Premium Member

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    for those not good at math, that is a 25% downward revison from the original number provieded by the gubmnt in the growth of the GDP.

    Now you know why the market freaked when Ben indicated that the press was running low on ink. They knew GDP was weaker than fed reported it to be. Now that Ben knows it and the gubmnt recognizes it, the traders feel more confident that he will buy some more ink for the presses.
  3. orangeblueorangeblue
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    orangeblueorangeblue Well-Known Member

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    Gotta take 1.8% over .4%

    [​IMG]
  4. surfn1080
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    surfn1080 Well-Known Member

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    I'd rather it be 3 to 4 percent. I guess 2% is the new norm?? I try to be a glass half full kind of guy too but my career and lively hood is dependent on a good economy.
  5. gatorchamps0607
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    gatorchamps0607 Always Rasta Premium Member

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    Why don't you just live off the government like most of Obama supporters? It clearly works for a lot of people.
  6. Gatorrick22
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    Gatorrick22 Well-Known Member

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    Why is it that the numbers that the government pimps-out on the GDP almost always seems to be embellished?
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  7. rpmGator
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    rpmGator Well-Known Member

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    Today's good news is home prices have returned to 2004 levels. That is unless you want to buy and it now costs more.
  8. Gatorrick22
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    Gatorrick22 Well-Known Member

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    What about late 2007, that's the magic year of home prices.
  9. rpmGator
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    rpmGator Well-Known Member

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    2004 is the year that the boom hit and prices went nuts...back to normal again with prices going up at a more normal rate.
  10. neisgator
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    neisgator Belligerent Gator

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    Interest rates are skyrocketing on mortgages. Still at very low numbers, historically, but huge jumps over past few days/weeks.
  11. gatordowneast
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    gatordowneast Well-Known Member

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    There is a disconnect from truth/reality reported by agencies/MSM/Obama administration. Those of us who deal in "reality" and are not in DC, know the economy is limping along. It is not robust. It is not dynamic. It is not creating "full time" jobs in decent #s.

    It is an OBAMA ECONOMY. Limp.

    Now, back to Gay Marriage and Global Warming.
  12. Gatorrick22
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    Gatorrick22 Well-Known Member

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    Many people's mortgages are based on the 2007/8 year's prices so although it's nice to get to 2004 we still have a ways to go before people actually have equity in their homes.
  13. gatordowneast
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    gatordowneast Well-Known Member

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  14. malligator
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    malligator Well-Known Member

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    Unless I'm reading it wrong 0.4 is for one quarter and 1.8 is annualized.
  15. orangeblueorangeblue
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    orangeblueorangeblue Well-Known Member

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    That graph isn't showing % GDP growth, it's showing government contribution to GDP growth.

    .4% was Q4 and 1.8% is Q1.
  16. orangeblueorangeblue
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    orangeblueorangeblue Well-Known Member

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    In other words, there's clearly confusion in the OP about the lack of revision in government #s (which are more predictable now). Government contribution to GDP across the board has been down the last three years.
  17. malligator
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    malligator Well-Known Member

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    What graph?
  18. Gatorrick22
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    Gatorrick22 Well-Known Member

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    Explain "government contribution," please.
  19. austingtr
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    austingtr VIP Member

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  20. orangeblueorangeblue
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    orangeblueorangeblue Well-Known Member

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    The post of mine you quoted that has a huge graph on it?

    Typically it means wages paid, budgets, etc.

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