I spent a good (?) part of the weekend trying to figure out if Friday’s lousy jobs report was due to ♡bamaCare!!!, the weather, the crushing burdens of our Re-regulatory State, Evil White Businessmen, or what have you. But then I came across a little something:
The Federal Reserve Bank of Atlanta has reported that its forecast for U.S. gross domestic product (GDP) growth dropped to zero on April 1 and ticked back up to 0.1% on April 2. The bank uses a unique model called GDPNow to prepare its forecasts, and the model typically estimates growth well below the rate projected by the Bureau of Economic Analysis (BEA).
On February 2, the GDPNow model forecast GDP growth of 1.9%. At that time the change in net exports was forecast to be down $15 billion. By March 12, that total had dropped to a $40 billion negative change. Nonresidential construction spending was initially forecast to drop by 1.5% and is now forecast to be down 22.5%.
GDP growth may not actually reach zero in the first quarter of 2015, but there does not appear to be much question that it will end up well below where initial forecasts put it.
Growth is so last year, darling.
Anyway, I’m sure Evil White Businessmen are behind it all. They probably hate gays, too.