The media has been hyping the economy as the best since the 90’s. Despite a slew of bad economic data, the Theben Priests have declared Pharaonic America to be prosperous at historic levels. Reality as always conflicts with the Obama Boom lie. 1st Quarter GDP growth came in at 2.2%. Even with this weak number, the media is spining it as good.
Economic growth cooled in the first quarter as businesses cut back on investment and restocked shelves at a moderate pace, but stronger demand for automobiles softened the blow.
Gross domestic product expanded at a 2.2 percent annual rate, the Commerce Department said on Friday in its advance estimate, moderating from the fourth quarter’s 3 percent rate.
[….]
Although the details were mixed, the GDP report offered a somewhat
Although the details were mixed, the GDP report offered a somewhat better picture of growth compared with the fourth quarter, when inventory building accounted for nearly two thirds of the economy’s growth. In the first quarter, demand from consumers took up the slack.
[….]
There were some signs of underlying strength, with even home construction rising at its fastest pace since the second quarter of 2010, thanks to the unusually warm winter.
But business spending fell for the first time since the fourth quarter of 2009, with investment in equipment and software rising at its slowest pace since the recession ended.
Tags: GDP, The Obama Boom
