– GDP Disaster: Final Q1 GDP Crashes To -2.9%, Lowest Since 2009, Far Below The Worst Expectations (ZeroHedge, June 25, 2014):
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!
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Yet another example of kicking the can down the road. Predict reassuring growth, keep quiet, adjust downwards after six months, then release the disastrous reality.
We’re all being duped, but those cynics amongst us smirk sadly.
If its minus 2.1% with their lying figures……the truth is far closer to -12%. They are running out of cans to kick…….and that is the real bad news.
The news for very soon………World crash……….there is no other way it can end.