GDP DROPS OFF A CLIFF AS RECOVERY CONTINUES TO PICK UP STEAM:

CNNMoney Reports

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

Published June 25, 2014

FoxNews.com

 

 

GO

GO

  Bad to worse: US economy shrank more than expected in Q1  But don't worry: Data such as employment, manufacturing and services sectors point to a sharp acceleration in growth early in the second quarter.

Wednesday, 25 Jun 2014 | 8:30 AM ETReuters

 

OR:

GDP Disaster: Final Q1 GDP Crashes To -2.9%, Lowest Since 2009, Far Below The Worst Expectations

Submitted by Tyler Durden on 06/25/2014 19:21 -0400

inShare49

 

Remember when in January 2014, Q1 GDP was expected to rise 2.6%? Well, here comes the final Q1 GDP revision and it's a doozy: at -2.9%, far below the -1.8% expected and well below the -1.0% second revision, it is an absolute disaster, and is the worst print since Q1 2009.
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!