Bidenomics, Baby! Economic Growth Slowed Significantly in First Quarter

It's fine. Totally fine. The economy is great, thanks for asking.

The U.S. economy has 'slowed significantly' in the first quarter of 2024. Which we didn't need an economist to tell us.

JUST IN - U.S. economy slowed significantly in the first quarter.
— Disclose.tv (@disclosetv) April 25, 2024

Yikes. 1.6% growth.

Today’s report—the advance estimate of first quarter GDP in 2024—shows that real GDP grew by 1.6% in Q1, below expectations of 2.5%. Growth in Q1 primarily reflected contributions from consumption and private fixed investment. 1/ pic.twitter.com/verrExDrq8
— Council of Economic Advisers (@WhiteHouseCEA) April 25, 2024

Even the White House Council of Economic Advisers admits that's below expectations by almost 1%.

Here's CNN, coming in with the spin to protect Biden:

US economy cooled sharply in the first quarter, but remained solid by historical standards, GDP data shows https://t.co/JstIxnwqES
— CNN (@CNN) April 25, 2024

'Cooled sharply' and 'remained solid' are contradictions.

CNN reports:

The US economy cooled more than expected in the first quarter of the year, but remained healthy by historical standards. Economic growth has slowed steadily over the past 12 months, which bodes well for lower interest rates, but the Federal Reserve has made it clear it’s in no rush to cut rates.
Gross domestic product, which measures all the services and goods produced in the economy, measured an annualized rate of 1.6% in the first quarter, the Commerce Department reported Thursday. It was the weakest pace of growth since the second quarter of 2022 when the economy contracted.
That’s a steep slowdown from the fourth quarter’s 3.4% rate and also below the 2.2% rate economists projected, according to a FactSet poll. The figures are adjusted for seasonal swings and inflation.

BREAKING.🚨

The U.S. economy slowed significantly in the first quarter.

GDP was a paltry 1.6% in the first quarter, the Commerce Department reported Thursday.

That’s a sharp decline from the fourth quarter’s 3.4% rate and below the 2.2% rate economists projected. pic.twitter.com/ysYwOyU3oh
— Kyle Becker (@kylenabecker) April 25, 2024

'Paltry' is putting it mildly.

The bad times are officially upon us. They will not longer be able to hide the bad numbers.
— Brett (@Texan__Pride) April 25, 2024

To be a fly on the wall of the White House this morning.

And while the GDP is down, price indexes are up:

#BREAKING: U.S. GDP for 1st quarter of 2024 slowed to only 1.6% growth, almost a point lower than expected and lowest since Q2 of 2022 when it was -0.6%.

Price index shot up 3.1%, a tenth higher than expected.

Core price index soars to 3.7%, three tenths higher than expected.… pic.twitter.com/M46NaBCj5J
— Curtis Houck (@CurtisHouck) April 25, 2024

Oof.

For those who do not understand what just happened:

First, Q1 2024 GDP growth slowed to just 1.6% which is less than HALF of the 3.4% Q4 2023 number.

This reading is roughly 50% BELOW Goldman Sach's expectations.

But it gets even worse.

At the same time, the US Core PCE Price… pic.twitter.com/5Rct3i9TGh
— The Kobeissi Letter (@KobeissiLetter) April 25, 2024

'Worst possible outcome.'

Yikes.

The reason Trump has a shot is because, despite what the media keeps telling you, the economy isn't strong. Anyone who buys any of the staple goods on a consistent basis can attest to this.

Your buying power is much lower than it once was. That matters. https://t.co/607am6xu0y
— IncognegroNeville 🇯🇲🇺🇸 (@FormerlyCBM) April 25, 2024

Yes. And we all see it.

GDP growth slowing to a crawl while inflation remains hot is about the worst combo you could have if you're Joe Biden. Devastating double whammy.
— Varad Mehta (@varadmehta) April 25, 2024

Devastating indeed.

And we don't see it getting better before November.