US economy shrank 1.4% at beginning of 2022, worst quarter in 2 years

[Stringfellow Hawk]

The U.S. economy cooled markedly in the first three months of the year, as snarled supply chains, record-high inflation and labor shortages weighed on growth and slowed the pandemic recovery.

Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.

"Today’s shock drop in GDP is a wake-up call that the economy isn’t as strong as we all thought," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. "It’s possible that GDP gets revised higher next month, as this is just the first release and there will be two revisions, but it is a warning sign."

The headline figure often obscures the whole picture because the Commerce Department calculates the GDP on a quarter-over-quarter basis as if that level of growth were sustained for a full year; in times of huge swings up or down, it can exaggerate both the decline in growth and the subsequent rebound.

Looking at the quarterly data, the nation's GDP declined by about 0.3% from the fourth quarter to the first quarter, compared with an increase of 1.68% between the third and fourth quarter.

https://www.foxbusiness.com/economy/us-economic-growth-gdp-first-quarter

 

[dukkha]

Looking at the quarterly data, the nation's GDP declined by about 0.3% from the fourth quarter to the first quarter

here comes the recession.Thanks Biden!

 

[dukkha]

US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
Economists expected the economy to expand by 1.1%,
https://www.foxbusiness.com/economy/us-economic-growth-gdp-first-quarter

Refinitiv economists expected the report to show the economy had expanded by 1.1%. It marked the worst performance since the spring of 2020, when the U.S. economy was still deep in the throes of the COVID-induced recession.

 

[cawacko]

here comes the recession.Thanks Biden!

Definitely possible but reading some of the reporting this morning the projections are for a return to modest growth in the next couple of quarters.

 

[Legion]

Remember in November.

Economy Shrinks in First Quarter of 2022

https://www.nationalreview.com/news/u-s-economy-shrinks-in-first-quarter-of-2022

 

[dukkha]

Definitely possible but reading some of the reporting this morning the projections are for a return to modest growth in the next couple of quarters.

Ya. The consumer spending is there,,but the interest rates havent even started - and that is a tricky dance
It;'s just a number anyhow 1.1 expected is also pathetic

 

[Celticguy]

Definitely possible but reading some of the reporting this morning the projections are for a return to modest growth in the next couple of quarters.

Kinda like Cathie Wood who keeps blowing sunshine and rainbows while ARK continues it's trip to the ocean floor ?

The shit has hit the fan squire.

 

[Celticguy]

Ya. The consumer spending is there,,but the interest rates havent even started - and that is a tricky dance
It;'s just a number anyhow 1.1 expected is also pathetic

Dont forget the QT (opposite of QE).
Dont forget that all those entities that used to buy out debt no longer do.
With he Fed joining that company, thats a new problem that there is no solution for.

 

[Earl]

The working definition of a recession is two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP)'

Just one more and a recession is extant...thanks Biden.

 

[Celticguy]

The working definition of a recession is two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP)'

Just one more and a recession is extant...thanks Biden.

look to see if he tries to change GDP calc to sugarcoat things....

 

[evince]

Possible world war does that to a world economy



I blame your constant fluffing and sucking of putins cock

 

[evince]

https://www.bloomberg.com/news/news...in-the-world-economy-mounting-recession-risks



Newsletter
How a Global Recession Becomes ‘Unavoidable’
ByChris Anstey+Follow
March 23, 2022, 4:00 AM PDT
You're reading the New Economy Daily newsletter.
Sign up here to get it in your inbox daily.
Email


Rewriting the Outlook
Weeks after Russia began its full-scale invasion of Ukraine, economists are taking another look at their initial back-of-the-envelope assessments of the impact on the global economy.

International Monetary Fund Managing Director Kristalina Georgieva on Tuesday advised the fund will cut its 4.4% global forecast for 2022 when it releases its fresh outlook next month.

Those with strong post-pandemic rebounds should be resilient — Georgieva singled out the U.S. as having “fairly strong fundamentals,” while weaker economies will suffer a “big shock” from the turmoil in markets, she said. The fund is fretting about 60% of low-income countries in or near “debt distress.”

The glass-half-full takeaway from the IMF: the global economy should at least still see an expansion.

A bleaker conclusion came from two senior economists at the Federal Reserve Bank of Dallas, who warned Tuesday the world could be in for a recession longer than the one in 1991 caused by the oil shock following Iraq’s invasion of Kuwait.

 

[archives]

Want to address inflation, pulling money out of the economy is the best way, and as a result production will decrease, a recession is next to inevitable, question is how deep a recession

And after quarters of economic growth goes unrecognized by the right suddenly the first downturn is all they can mention

 

[evince]

Global economists agree



Putin caused this


But you just won’t take your lips off his slong


You can’t quit him

 

[archives]

look to see if he tries to change GDP calc to sugarcoat things....

Ah, shades of the Obama years, when all we heard was “they’re lying,” those figures are “cooked”

Yet four years of Trump not one winger ever questioned the the validity of any economic indicator released from the Administration, and that was an Administration lying on steroids, but as soon as a Democrat arrives, everything is now “sugarcoated” again, the overt hypocrisy never seems to end

 

[archives]

Global economists agree



Putin caused this


But you just won’t take your lips off his slong


You can’t quit him

Certainly accelerated the process along, but was going to occur eventually either thru the Fed or Democrats changing taxes, just too much money out there

 

[Lionfish]

Possible world war does that to a world economy



I blame your constant fluffing and sucking of putins cock

You appear to be a nasty little cunt.

If people think war is looming, there is an increase in purchasing and storing of supplies which would be reflected in an increased GDP.
Brandon has fucked things up so badly, that reading the tea leaves is impossible.
BTW, do you eat with that dirty mouth?

 

[evince]

You appear to be a nasty little cunt.

If people think war is looming, there is an increase in purchasing and storing of supplies which would be reflected in an increased GDP.
Brandon has fucked things up so badly, that reading the tea leaves is impossible.
BTW, do you eat with that dirty mouth?

No idiot


They stop buying things to prepare for what’s to come after

 

[evince]

https://www.bloomberg.com/news/news...in-the-world-economy-mounting-recession-risks



Newsletter
How a Global Recession Becomes ‘Unavoidable’
ByChris Anstey+Follow
March 23, 2022, 4:00 AM PDT
You're reading the New Economy Daily newsletter.
Sign up here to get it in your inbox daily.
Email


Rewriting the Outlook
Weeks after Russia began its full-scale invasion of Ukraine, economists are taking another look at their initial back-of-the-envelope assessments of the impact on the global economy.

International Monetary Fund Managing Director Kristalina Georgieva on Tuesday advised the fund will cut its 4.4% global forecast for 2022 when it releases its fresh outlook next month.

Those with strong post-pandemic rebounds should be resilient — Georgieva singled out the U.S. as having “fairly strong fundamentals,” while weaker economies will suffer a “big shock” from the turmoil in markets, she said. The fund is fretting about 60% of low-income countries in or near “debt distress.”

The glass-half-full takeaway from the IMF: the global economy should at least still see an expansion.

A bleaker conclusion came from two senior economists at the Federal Reserve Bank of Dallas, who warned Tuesday the world could be in for a recession longer than the one in 1991 caused by the oil shock following Iraq’s invasion of Kuwait.

Real economists

 

[archives]

You appear to be a nasty little cunt.

If people think war is looming, there is an increase in purchasing and storing of supplies which would be reflected in an increased GDP.
Brandon has fucked things up so badly, that reading the tea leaves is impossible.
BTW, do you eat with that dirty mouth?

If you “are storing” anything it is not going to lead to “an increase in purchasing” and ergo production