The media has been hyping the US economy as being on all cylinders and in an era of unprecedented prosperity. Reality intrudes on this narrative with the results of the 1st quarter GDP. The alleged great and booming Obama economy grew at only .01% in the first quarter.
The U.S. economy barely grew in the first quarter as exports tumbled and businesses accumulated stocks at the slowest pace in nearly a year, but activity already appears to be bouncing back.
Gross domestic product expanded at a 0.1 percent annual rate, the slowest since the fourth quarter of 2012, the Commerce Department said on Wednesday. That was a sharp pullback from the fourth quarter’s 2.6 percent pace.
Economists polled by Reuters had expected growth to slow to a 1.2 percent rate. The slowdown partly reflected an unusually cold and disruptive winter, marked by declines in sectors ranging from business spending to home building.
The narrative is was the cold winter caused a low GDP number. I am sure there were cold winters in the 80’s and 90’s when the economy was growing at 4-5%. The media is still making excuses for Obama’s failures.
Tags: 1st Quarter GDP
