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U.S. first-quarter GDP growth revised down to 2 percent

TU Curmudgeon

TU Curmudgeon

B.A. (Sarc), LLb. (Lex Sarcasus), PhD (Sarc.)
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From Reuters

U.S. first-quarter GDP growth revised down to 2 percent
​

WASHINGTON, (Reuters) - The U.S. economy slowed more than previously estimated in the first quarter amid the weakest performance in consumer spending in nearly five years, but growth appears to have since regained momentum on the back of a robust labor market and tax cuts.

Gross domestic product increased at a 2 percent annual rate in the January-March period, the Commerce Department said on Thursday in its third estimate of first-quarter GDP, instead of the 2.2 percent pace it reported last month.

The economy grew at a 2.9 percent rate in the fourth quarter. The downgrade to first-quarter growth reflected weaker consumer spending and a smaller inventory accumulation than the government had estimated last month.

COMMENT:-

It's all Obama's fault!!

Well, and Clinton's too.

BUT!!!

It's the bigliest 2% in the history of the United States of America.
​
 
TU Curmudgeon said:
From Reuters

U.S. first-quarter GDP growth revised down to 2 percent
​

WASHINGTON, (Reuters) - The U.S. economy slowed more than previously estimated in the first quarter amid the weakest performance in consumer spending in nearly five years, but growth appears to have since regained momentum on the back of a robust labor market and tax cuts.

Gross domestic product increased at a 2 percent annual rate in the January-March period, the Commerce Department said on Thursday in its third estimate of first-quarter GDP, instead of the 2.2 percent pace it reported last month.

The economy grew at a 2.9 percent rate in the fourth quarter. The downgrade to first-quarter growth reflected weaker consumer spending and a smaller inventory accumulation than the government had estimated last month.

COMMENT:-

It's all Obama's fault!!

Well, and Clinton's too.

BUT!!!

It's the bigliest 2% in the history of the United States of America.
​
Click to expand...


I can't do anything but chuckle at your post...when I saw your name you reminded me of someone on another group who uses the same moniker...he is in China or something like that though...or he was...and he is a right winger
 
but ........................................ 'winning' ....................... ???????? Hillary ...............
 
ClaraD said:
I can't do anything but chuckle at your post...when I saw your name you reminded me of someone on another group who uses the same moniker...he is in China or something like that though...or he was...and he is a right winger
Click to expand...

I've been using "The Universal Curmudgeon" (or whatever variant the forum allows) for over 10 years now.

Indeed, I have been considered a "right winger" (by the Raving Loony Left).

Of course, I have also been considered a "left-winger" (by the Raving Loony Right).

But you are correct I do live in a country with a name that starts with "C".
 
TU Curmudgeon said:
I've been using "The Universal Curmudgeon" (or whatever variant the forum allows) for over 10 years now.

Indeed, I have been considered a "right winger" (by the Raving Loony Left).

Of course, I have also been considered a "left-winger" (by the Raving Loony Right).

But you are correct I do live in a country with a name that starts with "C".
Click to expand...

Chinada?
 
TU Curmudgeon said:
I've been using "The Universal Curmudgeon" (or whatever variant the forum allows) for over 10 years now.

Indeed, I have been considered a "right winger" (by the Raving Loony Left).

Of course, I have also been considered a "left-winger" (by the Raving Loony Right).

But you are correct I do live in a country with a name that starts with "C".
Click to expand...

Cameroon?
 
We'll have to see if this deceleration continues or not. It is quite possible with the various policies and trade wars that Trump is engaging in, that he can kill any forward momentum that we had and plunge the economy back into recession.
 
Ikari said:
We'll have to see if this deceleration continues or not. It is quite possible with the various policies and trade wars that Trump is engaging in, that he can kill any forward momentum that we had and plunge the economy back into recession.
Click to expand...

No way ...................... 'winning' ................ Trump is a sucksessful business conartist ............
 
ikari said:
we'll have to see if this deceleration continues or not. It is quite possible with the various policies and trade wars that trump is engaging in, that he can kill any forward momentum that we had and plunge the economy back into recession.
Click to expand...

!!!!!!!!!!!!!! heresy !!!!!!!!!!!!!!!!!!​
 
TU Curmudgeon said:
From Reuters

U.S. first-quarter GDP growth revised down to 2 percent
​

WASHINGTON, (Reuters) - The U.S. economy slowed more than previously estimated in the first quarter amid the weakest performance in consumer spending in nearly five years, but growth appears to have since regained momentum on the back of a robust labor market and tax cuts.

Gross domestic product increased at a 2 percent annual rate in the January-March period, the Commerce Department said on Thursday in its third estimate of first-quarter GDP, instead of the 2.2 percent pace it reported last month.

The economy grew at a 2.9 percent rate in the fourth quarter. The downgrade to first-quarter growth reflected weaker consumer spending and a smaller inventory accumulation than the government had estimated last month.

COMMENT:-

It's all Obama's fault!!

Well, and Clinton's too.

BUT!!!

It's the bigliest 2% in the history of the United States of America.
​
Click to expand...

That's the best news the left has had since the Trump's election!
 
TU Curmudgeon said:
From Reuters

U.S. first-quarter GDP growth revised down to 2 percent
​

WASHINGTON, (Reuters) - The U.S. economy slowed more than previously estimated in the first quarter amid the weakest performance in consumer spending in nearly five years, but growth appears to have since regained momentum on the back of a robust labor market and tax cuts.

Gross domestic product increased at a 2 percent annual rate in the January-March period, the Commerce Department said on Thursday in its third estimate of first-quarter GDP, instead of the 2.2 percent pace it reported last month.

The economy grew at a 2.9 percent rate in the fourth quarter. The downgrade to first-quarter growth reflected weaker consumer spending and a smaller inventory accumulation than the government had estimated last month.

COMMENT:-

It's all Obama's fault!!

Well, and Clinton's too.

BUT!!!

It's the bigliest 2% in the history of the United States of America.
​
Click to expand...

Pretty standard for Q1, which averages 1%. Q2 will be more interesting as the tax cuts should have had more effect.

2000Q1 1.2
2001Q1 -1.1
2002Q1 3.7
2003Q1 2.1
2004Q1 2.3
2005Q1 4.3
2006Q1 4.9
2007Q1 0.2
2008Q1 -2.7
2009Q1 -5.4
2010Q1 1.7
2011Q1 -1.5
2012Q1 2.7
2013Q1 2.8
2014Q1 -0.9
2015Q1 3.2
2016Q1 0.6
2017Q1 1.2
2018Q1 2.0
 
jonny5 said:
Pretty standard for Q1, which averages 1%.
Click to expand...

Good point - the average 2000 to 2018 is actually 1.121%

jonny5 said:
Q2 will be more interesting as the tax cuts should have had more effect.
Click to expand...

And so should the (estimated) 25% increase in medical insurance rates as well as the increase in state taxes and the effects of eliminating/reducing the amount of state taxes which can be deducted from federal income tax.
 
TU Curmudgeon said:
Good point - the average 2000 to 2018 is actually 1.121%



And so should the (estimated) 25% increase in medical insurance rates as well as the increase in state taxes and the effects of eliminating/reducing the amount of state taxes which can be deducted from federal income tax.
Click to expand...

And interest rates and low unemployment. Lots of things going on. Hard to predict what will happen. CBO predicts strong, but we'll see.

In CBO’s projections, the growth of real GDP exceeds
the growth of real potential output over the next two
years, putting upward pressure on inflation and interest
rates (see Summary Figure 1). But during the 2020–
2026*period, a number of factors dampen economic
growth: higher interest rates and prices, slower growth
in federal outlays, and the expiration of reductions in
personal income tax rates. After 2026, economic growth
is projected to rise slightly, matching the growth rate of
potential output by 2028.
Click to expand...
 
jonny5 said:
And interest rates and low unemployment. Lots of things going on. Hard to predict what will happen. CBO predicts strong, but we'll see.
Click to expand...

It's going to be pretty hard for Mr. Trump to take credit for things that happen four years (or more) after he leaves office.
 
TU Curmudgeon said:
It's going to be pretty hard for Mr. Trump to take credit for things that happen four years (or more) after he leaves office.
Click to expand...

It wont be hard for him to try. But the media will never go along whether its true or not.
 
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