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Posts Tagged ‘1st Quarter GDP’

Economy soars to historic heights in the 1st quarter!

by Phantom Ace ( 195 Comments › )
Filed under Barack Obama, Cult of Obama, Democratic Party, Economy, Humor, Satire at April 29th, 2015 - 9:47 am

The greatest economic boom since the foundation of the Ramanaya Empire in India circa 20,000 BC continues to be unstoppable. The great prosperity unleashed by the policies of the Obama regime and the money printing of the Federal Reserve is unparalleled in human history. Americans across the land are grateful for the good times they are enjoying economically. The 1st quarter numbers were historic and shows the great strength of our economy!

U.S. economic growth braked more sharply than expected in the first quarter as harsh weather dampened consumer spending and energy companies struggling with low prices slashed spending, but there are signs activity is picking up.

Gross domestic product expanded at an only 0.2 percent annual rate, the Commerce Department said on Wednesday. That was a big step down from the fourth quarter’s 2.2 percent pace and marked the weakest reading in a year.

A strong dollar and a now-resolved labor dispute at normally busy West Coast ports also slammed growth, the government said.

The economy is doing great and the stock market is just awesome. Things are looking up thanks to the great Obama, our glorious leader leading us to prosperity and eternal Hipness!

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Posted in Barack Obama, Cult of Obama, Democratic Party, Economy, Humor, Satire | 195 Comments »

The Obama Boom: 1st Quarter QDP grew at 0.1%

by Phantom Ace ( 5 Comments › )
Filed under Headlines, unemployment at April 30th, 2014 - 9:25 am

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.

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Posted in Headlines, unemployment | 5 Comments »

The Obama Boom: 1st Quarter GDP for 2012 grew at 1.9%

by Phantom Ace ( 76 Comments › )
Filed under Business, Economy at May 31st, 2012 - 12:00 pm

(Hat Tip: Huckfunn)

The great Obama Boom is going through a rocky phase. After an initial reporting of GDP coming in for the 1st Quarter of 2012 at 2.2%, the media celebrated. This said it was proof of the strong recovery and was a good start to the year. That number has been reduced to 1.9%. The great economic recovery is starting the year with 1.9% growth. To make matters worse this week’s unemployment claims rose and the ADP monthly job report came in weaker than expected.

Private payroll growth accelerated only slightly last month and claims for jobless benefits rose last week, suggesting the U.S. labor market recovery was stalling after a strong performance early in the year.

Other data on Thursday showed economic growth in the first quarter was a bit softer than initially estimated, with businesses restocking shelves more slowly than previously thought and government spending declining more sharply.

[…]

Private employers created 133,000 jobs in May, payrolls processor ADP said. That was below economists’ expectations for 148,000 jobs.

[…]

While economists have largely shrugged off the recent cooling in the labor market as payback for strong gains during winter, there are signs of fundamental weakness.

Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 383,000, a Labor Department report showed. Claims have now risen in seven of the last eight weeks.

[…]

Separately, gross domestic product increased at a 1.9 percent annual rate in the first quarter, down from the 2.2 percent the Commerce Department had estimated last month. The economy grew at a 3.0 percent rate in the fourth quarter.

The report also showed that after-tax corporate profits dropped for the first time in three years last quarter.

A modest downward revision to consumer spending, which accounts for about 70 percent of U.S. economic activity, and stronger import growth also accounted for the weaker first-quarter output. Economists polled by Reuters had expected growth would be revised down to a 1.9 percent pace.

Terrible economic news, but don’t worry, good times are ahead!

While the small inventory build-up held back growth in the January-March quarter, restocking of shelves, retreating gasoline prices and an improving housing market should provide a boost to output in the second quarter.

Growth in the second quarter is currently estimated at a pace of about 2.5 percent

Ha ha ha ha ha ha ha!  These people really have have faith in the Pharaonic Regime. Despite weeks and months of bad data, the media and their “economists” still claim good times are here or are just around the corner. They have been proclaiming this for the last 3 years yet these good times have not materialized.

The Obama Boom is a lie that refuses to die. Only in Pharaonic America is 1.9% GDP growth and 100,000 jobs created monthly is considered great economic times.

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Posted in Business, Economy | 76 Comments »