John writes that the US took its next-to-last stab at calculating First Quarter GDP, and the downward revision was impressive even by recent standards. It now appears that the economy, well, here’s how Bloomberg puts it: "The U.S. economy contracted in the first quarter by the most since the depths of the last recession as consumer spending cooled."

 

Gross domestic product fell at a 2.9 percent annualized rate, more than forecast and the worst reading since the same three months in 2009, after a previously reported 1 percent drop, the Commerce Department said today in Washington. It marked the biggest downward revision from the agency’s second GDP estimate since records began in 1976. The revision reflected a slowdown in health care spending.

Direct download: John_Rubino_30.Jun.14.mp3
Category:general -- posted at: 2:57pm EDT
Comments[0]

Adding comments is not available at this time.



-->

Syndication

Categories

Archives

October 2024
S M T W T F S
     
    1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31