The Bureau of Economic Analysis released its 4th quarter GDP estimate this morning and it’s not good: 2.6%.
Awful news: GDP plummets to 2.6%. http://t.co/dXzxW3UqzJ
— John Ocasio-Nolte (@NolteNC) January 30, 2015
At 2.6%, 4th qtr GDP about 1/2 of 3rd qtr's 5%. But @CEAChair says Obama policies designed to "build on this growth."
— Mark Knoller (@markknoller) January 30, 2015
Current $ value of GDP is $17.710 trillion. That means National Debt is 102% of GDP.
— Mark Knoller (@markknoller) January 30, 2015
4th QTR GDP underwhelms — just like the Obama administration's "management" of the economy. #clueless #bbmnv
— Sherman Frederick (@shermfrederick) January 30, 2015
Of course, this number was unexpected by the experts:
Q4 US GDP surprises on the downside: Only 2.6%. Macroadvisers tracking estimate was 3.3% http://t.co/V4LdF6tknd
— David Wessel (@davidmwessel) January 30, 2015
Let’s not forget the little happy-dance the administration did after the last two quarterly GDP reports were released:
ICYMI: Our economy is growing at its fastest pace in 11 years. http://t.co/V8PQsi0xTV
— Barack Obama (@BarackObama) December 26, 2014
In the third quarter, the U.S. economy grew at its strongest rate in over a decade. Read more: http://t.co/RvRppypYH2
— Barack Obama (@BarackObama) December 23, 2014
FACT: President Obama's #ImmigrationAction will boost the U.S. GDP by tens of billions of dollars.
— Barack Obama (@BarackObama) November 22, 2014
Great news: Economic growth in the second quarter was even better than reported. http://t.co/88SxXOTLAY
— Barack Obama (@BarackObama) August 28, 2014
Recommended
What will President Obama say now that growth has slowed?
White House now says the strong 3rd quarter growth they bragged about was caused by "volatile factors" http://t.co/iPIt1ck9m0
— STEW ??? ⚾️ ? (@StewSays) January 30, 2015
@msnbc Hey Obama…are you going to brag about a 2.6% 4th quarter GDP? Just prove the 5% in the 3rd quarter was inflated.
— John Swinford (@AG2Pearl) January 30, 2015
https://twitter.com/Snitfit/status/561158314680393728
And with the 4th quarter numbers is in, what about Q1 in 2015? Gird your loins:
Goldman on Q1 GDP: "at this point we see a bit of downside risk to our standing forecast of 3.0%."
— zerohedge (@zerohedge) January 30, 2015
US GDP growth rate halves in Q4 to 2.6%.Expect further weakness in Q1 (and no 2015 rate rise). More here http://t.co/MWp58qOIRk
— Chris Williamson (@WilliamsonChris) January 30, 2015
Much of the consumption growth everyone assumed would happen in Q1 happened in Q4. As a result Q1 2015 GDP estimates will be revised lower.
— Andre 习安徳 (@Hedgology) January 30, 2015
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Related:
Fact: OFA promises GDP boost of ‘tens of billions of dollars’ from executive amnesty