Worst Q1 GDP since recession
Q1 GDP fell 2.9% in the first quarter, but don't freak out, the economy is looking better.
Economy in freefall? 1Q revision shows shrinkage of 2.9% 2Q should look much better
GDP Disaster: Final Q1 GDP Crashes To -2.9%, Lowest Since 2009, Far Below The Worst ExpectationsSubmitted by Tyler Durden on 06/25/2014 19:21 -0400
And while a bad GDP print was largely expected, the driver wasn't: personal consumption expenditures somehow crashed from 3.1% to just 1.0%, far below the 2.4% expected, meaning that all hope of a consumer recovery is dead. Finally, as a reminder, US GDP has never fallen more than 1.5% except during or just before an NBER-defined recession since quarterly GDP records began in 1947. Good luck department of truth propaganda machine, because even assuming 3% growth every other quarter in 2014 means 2014 GDP will be 1.5% at best!