4th Quarter GDP Slashed 25%

The U.S. Commerce Department has revised their Gross Domestic Product projections downward to reflect a meager 2.4% annual growth rate.

Seems the economy overall isn't as "recovered" as many would have us believe.

2013 only had a 1.9% growth and 2012 was 2.8% in comparison.

Lots of ups and downs.


4th Quarter GDP Slashed 25%

The Commerce Department announced Friday that its revised estimate of GDP growth in the 4th Quarter was revised down to 2.4% annual growth. Initial estimates had put GDP growth at 3.2%. Economists had expected a downward revision to 2.5%, making Friday's report a disappointment. It is a dramatic drop from the 3rd Quarter estimate of 4.1% growth.

For the full year, the economy grew by a weak 1.9% in 2013. This is down sharply from the 2.8% growth registered in 2012. The downward revisions in the 4th Quarter numbers reflected smaller than estimated increases in personal consumption and private inventory build-ups.

for comparison to prior years GDP....
U.S. GDP by Year

Those facts and figures can be manipulated on paper so easily to show that things are not as they appear. Look at 2009. Those figures seem wrong. With all the people out of work there was a big decline in spending, way more than they said. I wonder how they do it, add the money given to bail out banks to the figures of GDP? Maybe they used the bailout of the car companies too.

They seem to change the way they figure things every couple of years lately, like figuring the lower cost of cell phones and computers in the cost of living. I guess we can use the computer to heat the house and eat the cell phone to get lots of minerals.

You caught that they started adding entertainment downloads as "products" to be figured into the economic figures didn't you? I wish I remembered what term they were using for them so I could go look it up, but I remember hearing it on the radio that they were going to start considering it a product sale to boost economic figures every time someone downloads "Wrecking Ball" to their iPod and similar transactions.

You know we're circling the drain economically when they do that because no one works for those transactions. There is no actual domestic economic work involved in that transaction. It's completely electronic.

reply to post by ketsuko

YERP

Once again ... You're Exactly Right, Partner