The Obama economy is no laughing matter.
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 1.0 percent in the first quarter according to the “second” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.
The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, real GDP was estimated to have increased 0.1 percent. With this second estimate for the first quarter, the decline in private inventory investment was larger than previously estimated (see “Revisions” on page 3).
Guess they had to uncook the books.
Let’s watch the mainstream media spin the dismal economy as somehow being a good thing.
The number of Americans seeking unemployment benefits fell last week to nearly the lowest level in seven years, a sign hiring may be picking up.
Or, it’s a sign that millions of Americans have just given up looking for a job.
As for the economy, well, it was snowed out!